Improving housing affordability along with low mortgage interest rates means that home owners are paying a lot less these days for their monthly mortgage payment than they did just a few years back. Homeowners are paying nearly 40 percent less on their monthly mortgage payment than home owners paid in 2006.
According to Fiserv, the monthly mortgage payment for a median-priced single-family home today is $700, a drop of close 40 % from the high of the real estate market in 2006, when it was $1,140.
Housing affordability has improved dramatically because of declines in both prices and mortgage interest rates. Nationally, purchase mortgage payments now account for only 13 percent of monthly median family income, the lowest percentage on record (since 1971), and compared to 23 percent in the first quarter of 2006."
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