Rising Prices and Rates Impacting Affordability

Dated: September 8 2022

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Rising Prices and Rates Impacting Affordability

With mortgage interest rates rising and the prospect of them going further north, and home prices increasing both locally and nationally, what is the real picture facing potential homebuyers?  According to the National Association of Realtors, the average American family is approaching a point where they cannot afford a typical home purchase.

“Data shows the typical family in the U.S. can no longer afford to buy a median-priced home when mortgage rates rise over 5.7%.  At that point, the typical family needs to spend more than 25% of their income on the mortgage payment.”

At the time of this writing, a well-qualified buyer would be paying slightly over six percent.  And as mentioned in an adjoining article, the median sales price of a single family home in Hillsborough County rose to $437,750 in July.

Now more than ever, the experience of The Hunt Group in both real estate and mortgages, is essential to your real estate transaction.

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Bill Hunt

Have served the Tampa Bay area for nearly 25 years as a licensed real estate broker and mortgage loan orginator (Mortgage Assurance Corp./NMLs #1972428).  Diverse knowledge and unique understandi....

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