Doing the Math Shows Homes are Affordable
Housing economist, Karl Case, urges American’s to “do the math” to see how affordable homes are now. Home prices and mortgage rates both have fallen in recent years, he explains.
Combining s smaller home with a lower interest rate produces big savings. Case estimates that a buyer today could have a payment which is almost half what someone purchasing the same home four years ago would owe.
“Down payments are smaller when your purchase price has been reduced,” adds Case. “Buying a home now can make a lot of sense. Housing has perhaps never been a better bargain.”
Also, since mortgage rates have hit new all-time lows this year, existing home owners are refinancing and saving each month. Reducing monthly housing costs has the same effect as earning larger paycheck.
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