March 3, 2024

REVEALED: How average mortgage payments on a new home have risen 90% since Biden took office – but experts warn buyers not to hold off in the hope of costs falling since high interest rates are here to stay

Average mortgage payments on a new home have risen 90% under Biden

Homeownership is becoming a pipe dream to most Americans as average monthly mortgage payments are now nearly double what they were when Biden took office.

Homeownership is becoming a pipe dream to most Americans as average monthly mortgage payments are now nearly double what they were when Biden took office. 

Interest rates above 7 percent and soaring house prices mean buyers are facing one of the least affordable markets in recent memory.

Analysis even suggests it makes more financial sense to rent than buy, with average new leases working out $1,000 cheaper per month than home loans.

But despite the doom and gloom, experts are urging potential buyers to stop waiting to find their dream home and prepare for a ‘higher for longer’ interest rate environment. 

Average monthly payments on a new home rose to $3,322 in the third quarter of the year, data from real estate investment firm CBRE shows. It means they have risen 90 percent since the final quarter of 2020 – just before Biden took office in January 2021 – when  it was just $1,746.

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