Saturday, September 23, 2023 | The Latest Buzz for the Appraisal Industry

High Rates and Prices, Low Wage Growth Make Mortgage Payments Harder for Homebuyers

Homebuyers across the country need to earn substantially more money than they did a year ago to buy a home, due to high mortgage rates and persistently high home prices. The increases are especially big in Florida, according to Redfin. A homebuyer must earn $107,281 to afford the $2,682 monthly mortgage payment on the typical U.S. home, up 45.6% from $73,668 a year ago. That’s due to mortgage rates that have more than doubled

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