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How Much Do You Need to Buy a $500,000 House? If you make a 20% down payment on a $500,000 home with a 7.03% APR for a 30-year mortgage, you’ll end up with a $2,669 monthly mortgage payment.
There's also been a recent rise in the share of unmarried couples buying homes. They made up 18% of first-time homebuyers in 2022, compared with 4% in 1985, according to a different NAR report.
A value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home. An index above 100 signifies that family earning the median income has more than enough income to qualify for a mortgage loan on a median-priced home, assuming a 20% down payment and a qualifying ratio of 25%.
The most recent research on the subject suggests that more unmarried couples may be opting for the latter. Don’t miss Commercial real estate has outperformed the S&P 500 over 25 years.
Earlier this year, Freddie Mac conducted research that found that migrating to more affordable metros saves an average of $600 per month on mortgage payments, based on a 6% mortgage rate.
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