Wage Increases Make Home Buying More Affordable » Mortgage Masters Group

Wage Increases Make Home Buying More Affordable Everyone knows that housing affordability has been negatively impacted by rising prices and increasing mortgage rates, but there is another piece to the affordability equation – wages. How much a family earns obviously impacts how easy or difficult it is for them to afford to own a home.

If the Fed votes for a rate cut, all interest rates will react accordingly. The cost to borrow money will decrease, possibly making it more affordable for you to take out a mortgage to buy a home or finance a vehicle purchase. However, the interest you earn from your savings account will also decrease.

For example, an $80,000 mortgage with a 7 percent interest rate paid over 15 years has a monthly payment of $719.06 and total interest payments of $49,431.27. The same mortgage amount and interest rate paid over 30 years has a smaller monthly payment of $532.24 but you’ll pay more than twice as much in a total interest payment of $111,607.12.

Denise and Kenny are ready to make an offer on a(n) 2,400 -square-foot home that is priced at $ $170,100. They investigate other homes on lots of similar size and find the following information: A(n) 3,200 –square-foot home sold for $211,680.

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Wage Increases Make Home Buying More Affordable Everyone knows that housing affordability has been negatively impacted by rising prices and increasing mortgage rates, but there is another piece to the affordability equation – wages.

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