inflation and real estate: Home Prices Are Up 16% over 9 Years and 27% More Affordable??
- 05/24/11 11:51 AM
If you bought a home in 2002 for $400,000 your payment was approximately $2,661 not counting taxes and insurance. Interest rates were 7%. Today, in Boulder County if that house appreciated at the average rate that same house can be purchased for $465,000. Based on today's interest rates of 4.75%, your new payment would be $2,453. A savings of roughly 8% per month. When buyers are considering a home purchase, purchase price is fairly arbitrary unless they are paying cash. Purchase price is the answer to a series of questions about how much a buyer can afford on a monthly basis. … (1 comments)
If you bought a home in 2002 for $400,000 your payment was approximately $2,661 not counting taxes and insurance. Interest rates were 7%. Today, in Boulder County if that house appreciated at the average rate that same house can be purchased for $465,000. Based on today's interest rates of 4.75%, your new payment would be $2,453. A savings of roughly 8% per month.
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