Payment Pain

In March 2021, the median house price was $326,350 and the interest rate on a 30-yr mortgage was 3.10%. Assuming 20% down, the monthly payment, excluding taxes and property insurance, was $1,115/month. Today, the same house costs $375,300, or 15% more, and the interest on the same 30-yr mortgage is 5.00%, 61.3% more. As a result, the new mortgage payment is $1,612/month, an increase of $497/month! The priced-out phenomenon is real.