Questions? Let's Talk: 877.762.4375

Median Monthly Mortgage Payment Most Affordable Since 1971

Median Monthly Mortgage Payment Most Affordable Since 1971

| Nov 10, 2011 | Housing Market

Housing affordability has increased dramatically over the past five years, due to price declines following the housing bubble’s collapse and mortgage rates near record lows. According to an analysis from David Stiff, chief economist at Fiserv, the monthly mortgage payment on a median-priced single-family home has dropped nearly 40 percent. In 2006, the median mortgage payment was $1,140. Now it is $700. Stiff said mortgage payments now account for just 13 percent of a family’s monthly income, down from 23 percent in 2006. The ratio of mortgage payments to monthly income is the lowest its been since 1971. Still, Stiff says economic growth needs to accelerate in order to boost consumer confidence and increase the housing market’s rate of recovery. More here.

Home Mortgages

Home Mortgages

"Story Time" Newsletters

  • Warmup with These Popular Colorado January Events

    Read More
  • December 2023 Guide To Holiday Light Shows, Santa Visits, Seasonal Food & Drink, Parades, And More!

    Read More
  • PIONEERING WOMEN OF BOULDER, CO

    Read More
  • Fantastic Fall Fun Events in Colorado

    Read More
  • CARNEGIE LIBRARIES: The Future Made Bright

    Read More
  • Celebrate Colorado Peaches and their History at these 3 Festivals!

    Read More
  • Colorado Wine – Rooted in History

    Read More
  • 13,000-year-old stone tool cache still on exhibit at CU-Boulder

    Read More
  • The Original Coloradans: Colorado’s Native American History

    Read More
  • 12 Cool & Unusual Things to Do this Summer in Colorado

    Read More

Get a Quote

Will be happy to respond