Using these averages, a home mortgage payment using only the principal and interest (excluding property taxes and home insurance) would have been: $1,023 per month.
1983 Home Prices vs. 2015 Home Prices
Interest rates are still very low by historical standards ~ 3.8% in May 2015. There’s still time to buy a home and keep your fixed monthly carrying costs low for the next 30 years.
Interest rates are projected to go up by as much as a full percent by 2016. Now is truly the time to buy and lock in the low rates. Even a relatively small increase in interest rates can significantly impact the price of a home you could qualify to purchase (see chart below). Securing a loan today at lower interest rates means you can buy “more” house with the same money. Doesn’t it make sense to spend your money on your “dream” home and not on interest?
According too the United States Census Bureau the average home price in the Nation in 2011 is hovering around $260,000. The average interest rate in 2011 is hovering at (an all time low) of 4.0.%.
Using these averages, a home mortgage payment using only the principal and interest (excluding property taxes and home insurance) based on 4% would be: $1,241.00
Doing the Math
I need to be clear I am NOT quoting a rate to anyone. I am not a lender and I do not do loans. The purpose of this article is to look at historical values and than do the math . . . 1983 @ $1,023/month vs. 2011 @ $1,241/month
Now tell me . . . what are buyers waiting for?
US Census Bureau Housing Price Averages Jan. 1963 to July 2011
Buyers Agent Portland – Buyer Focused ~~ Buyer Results
Buyers Agent Portland, LLC is an Exclusive Buyer Agency serving the Portland Metro real estate market since 1999. The brokerage only represents Home Buyers and never home sellers. If you’re looking for a home anywhere in the Portland Metro area, there is no better representation than an Exclusive Buyers Agent. We assist investors, folks relocating to Portland area, those moving to Portland in-state, home buyers who are looking to down-size or move-up and of course . . . love working with first-time buyers. I help Buyers in the Portland Metro market find exactly what they need in the Tri-County markets of Clackamas County, Multnomah County and Washington County, as well Portland cities including but not limited to:
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Carla Muss-Jacobs, ABR, CEBA, e-PRO, Realtor
Buyers Agent Portland LLC
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