Monthly Housing Cost For Median Priced Home Climbs
Scott P. Rogers
It costs more now than it did a few years ago to buy a home in Harrisonburg and Rockingham County, which should come as no surprise since...
- median sales prices are rising
- mortgage interest rates are rising
- real estate tax rates are rising
The analysis above shows the combination of all of these factors -- the cost of a mortgage payment (principal, interest, taxes, insurance) based on a buyer financing 80% of a median priced home at the prevailing mortgage interest rate at the time, and with the prevailing real estate tax rate.
We have now climbed above $1,000 per month on this metric -- which is the first time we've seen this since 2006 - 2008.
Over the next few years, it seems likely we will see a continuation of this trend, as sales prices and mortgage interest rates are both likely to continue to slowly increase.
