
You might be wondering “Why can’t I afford to buy the house of my dreams this year when I could have last year?”
Well maybe this chart gives you some insight. It is based on a straight 30-year fixed mortgage period. Rate ranges are provided by CNBC and only shows principle and interest payments. (None of the other monthly costs in owning a home).
In 2021 a $1500 monthly mortgage budget could buy a $380,000 mortgage, in 2022 that only buys a $215,000
Likewise, a $2000 monthly mortgage budget afforded a $500,000 mortgage in 2021, at todays rates that gets you $305,000
Buying power has shrunk by 43% this year. Sometimes it takes more than budgeting to make sense of our finances. That’s when working with a Financial Advisor makes a big difference.
Securities offered through International Assets Advisory, LLC (“IAA”) – Member FINRA/ SIPC. Advisory services offered through International Assets Investment Management, LLC (“IAIM”) –SEC Registered Investment Advisor. Blacor Investments is unaffiliated with IAA and IAIM. The information provided is based on carefully selected sources, believed to be reliable, but whose accuracy or completeness cannot be guaranteed. All information and expressions of opinions are subject to change without notice and are those of Blacor Investments. Blacor Investments does not offer mortgage services.