PAYMENT PAIN

With the median sales price of an existing single-family house at $409,000 in 25Q4, assuming a 3.5% downpayment and a 6.23% interest rate, the monthly mortgage payment would be $2,420/month, versus $1,240 at the end of 2020. Add taxes, insurance, maintenance, etc. and the total housing cost rises to $3,120/month. To afford that, a buyer needs an income of $120,800, up from just $68,700 five years earlier. Ouch.