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Monthly Cost Of Median Priced Home Jumps Much Higher In 2022!

Scott P. Rogers
Monthly Housing Costs
Wow.  The monthly cost of a median priced home has jumped quite a bit in 2022!  This is related to a variety of changes between 2021 and 2022...

[1]  The median sales price increased from $270,000 to $296,500.

[2]  The average mortgage interest rate increased from 2.96% to 4.27%.

[3]  The City real estate tax rate increased from $0.90 to $0.93.

All of these factors, combined, resulted in a rather significant increase in the monthly cost of a median priced home in our local market.

Of note -- the interest rate used for the 2022 calculation above is 4.27%, which is the average rate for all of 2022, though the current rate (5.25%) is quite a bit higher than the average thus far in 2022.
 

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