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Why Deciding To Buy A Home Now May Save You Money
Overall price, initial cash out, monthly amortization etc. are the things we look out for in buying a home. A lot of these may seem higher than it used to last year, but what most do not know is that it is lower compared to how it used to way back.
However, it is not just the price of a home that determines its affordability. The monthly cost of a home is determined by the price and the interest rate on the mortgage used to purchase it.
Today, mortgage interest rates stand at about 4.5%. The average annual mortgage interest rate from 1985 to 2000 was almost double that number, at 8.92%. When comparing affordability of homeownership over the decades, we must also realize that incomes have increased.
This is why most indexes use the percentage of median income required to make monthly mortgage payments on a typical home as the point of comparison. Zillow recently released a report comparing home affordability over the decades using this formula. The report revealed that, though homes are less affordable this year than last year, they are more affordable today (17.1%) than they were between 1985-2000 (21%).
Additionally, homes are more affordable now than at the peak of the housing bubble in 2006 (25.4%).
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