Mortgage interest rates have nearly tripled in the span of just a couple of years amid inflation fears and strong economic growth.

Mortgage interest rates have nearly tripled in the span of just a couple of years amid inflation fears and strong economic growth.

  • kaitco@lemmy.world
    34·
    1 year ago

    After rising for 10 consecutive quarters starting in fall 2020, the median U.S. home sale price has now declined for two straight quarters, to $416,100, according to federal economic data. That is still $87,100 above the quarter just before the pandemic, or an increase of 26.4%.

    A person who buys that median-priced home with a 20% down payment and an average interest rate would have a monthly mortgage payment of about $2,300.

    Any 1-3 folks wanna go in on a house together since it’s going to take a min of 2 full salaries to buy a home these days?

    • YoBuckStopsHere@lemmy.world
      241·
      1 year ago

      Real Estate Corporations goals include blocking home ownership and forcing Americans into a rental only market, similar to Germany.

      • matter@lemmy.world
        161·
        1 year ago

        Germany is a terrible comparison here. Home ownership in Germany is about 50%, true, much lower than the US’ 65%. However, the majority of those rentals are apartments rather than houses, since even small towns are highly densified, very unlike the USA. There are many state landlords which provide rentals at a very attractive price; it’s rare for people to spend more than 30% of their post-tax income on rent. Furthermore, there are extremely strong protections for renters, restrictions on rent increases, and they can renovate their apartments as they please. That’s very different from what American real estate corporations want.

          • matter@lemmy.world
            1·
            1 year ago

            That’s great but the percentage of people who currently live in single family houses is much greater in the USA than in Germany.

            If only the USA was building some solid laws protecting tenants…

      • Fredselfish@lemmy.world
        53·
        1 year ago

        Really is that how Germany is? And all this bullshit about inflation it is called Corporate Greed and we need to be singing it to rafters. Fucking greedy corporations making record profits while wages stagnate.

        All raising rates do is continue to make it impossible for average American to own a home.

      • ZodiacSF1969@sh.itjust.works
        11·
        1 year ago

        Interesting, I didn’t know that about Germany. I’ll have to look into how that is working out for them, seeing as probably quite a lot of people my age and younger won’t be able to afford to buy.