In our Most Affordable Places in America study, we ranked Kuna, Payette, Ammon, Caldwell and Rupert highest after looking at factors such as closing costs, property tax, insurance, income and
average mortgage payment.
As a result,
the average mortgage payment in California will be higher at the start of 2017 than a year ago.
Summary: Based on the statewide median home price and current mortgage rates,
the average mortgage payment in California will be approximately $ 2,542 at the start of 2017.
Granted, the tax rate can vary greatly from one county to the next, but we're just aiming for
an average mortgage payment here.
How big is
the average mortgage payment?
The average mortgage payment also includes an additional amount each month that goes towards the principal, effectively turning cash earnings into home equity.
The average mortgage payment is on the rise at $ 758 a month.
First off, to blanket 4.49 % is misleading:
average mortgage payments (atleast where I live) are usually higher than that.
And higher mortgage rates coupled with more valuable homes means monthly payments will rise: compared to a year ago,
the average mortgage payment nationwide grew from $ 690 to $ 758.
We use these figures to calculate the rent - to - mortgage ratio, which compares the average rent to
the average mortgage payment a typical homeowner would have to make in that city.
So, for the cost of
an average mortgage payment they would turn it around AND THEN find you a job for $ 100,000 and up.
Average mortgage payment, as well as average monthly rent, is based on the Federal Reserve's Report on the Economic Well - Being of U.S. Households in 2014.
Based on the median investment home price, we've also included
the average mortgage payment, assuming a 30 - year fixed mortgage with a 20 % down payment and a 5 % interest rate.