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Chart of the Day: Payments on Houses

Crews Bank & Trust Wealth Management Services Sep 17, 2024
Line graph showing average monthly payment in brown and four-quarter average in orange for a median-priced home, from 1990 to 2024. Today's payments are at an all-time high, exceeding $3,000/month.

Contents

Today’s Chart of the Day is from the 2024 State of the Nation's Housing Report from the Joint Center for Housing Studies at Harvard University. It shows the average inflation-adjusted monthly payment, including taxes and insurance, on a median-priced home in the US from 1990 to present. Currently, it is at a record high of $3,100 a month.


According to article, the industry standards for affordability calculates the annual income needed for this is $120,000, which only one in seven renters can meet.
Chart of the Day

About the Author

Crews Bank & Trust Wealth Management Services
Crews Bank & Trust Wealth Management Services

Experienced professionals from our wealth management services team can help you achieve a bright financial future through investment strategies tailored to you. We’ll show you all of the options available and help you choose the ones best suited to you. We’ll provide high-quality, personal service as we work toward your goals together. Our Portfolio Managers do not receive commissions on trades; our recommendations of investments are based solely on your best interests.

Investments are not a deposit or other obligation of, or guaranteed by, the bank, are not FDIC insured, not insured by any federal government agency, and are subject to investment risks, including possible loss of principal.

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