Are you in the market to buy a new home, but not sure where you should start and how much to budget for?
Home prices in every state varies, but over half of the US has housing that is affordable for families and individuals, alike.
The average person in the US is budgeting about $200,000 + in order to buy a new home.
The average list price is $230,000 in the US for 2019.
With no money down, when you factor in taxes, insurance and interest rates, you are looking at a mortgage of about $1,700 a month.
For assistance with budgeting, check out the following mortgage calculator. https://www.mortgagecalculator.org/
You used to be able to buy a home for $11,900 back in 1960.
According to the Bureau of Labor Statistics consumer price index, today’s prices in 2020 are 768.16% higher than
average prices since 1960. The U.S. dollar experienced an average inflation rate of 3.67% per year during this
period, meaning the real value of a dollar decreased.
In other words, $11,900 in 1960 is equivalent in purchasing power to about $103,310.49 in 2020, a difference of
$91,410.49 over 60 years.
The 1960 inflation rate was 1.72%. The current inflation rate (2019 to 2020) is now 2.29%. If this number holds,
$11,900 today will be equivalent in buying power to $12,171.93 next year. So, every day you delay in buying your home, is another dollar lost.
Curious to see where the least expensive and most expensive states for housing are?
It’s West Virginia and Washington, DC, respectively.
Guess which state has the best bang and worst bang for the buck?
It’s Texas and Washington, DC, respectively.
Now you know why people are flocking to Texas to live. =)
While home prices in every state varies, there are a bunch of areas that are affordable!
There are so many great reasons to move to Texas!
Every day you wait to buy, is another day you are not investing in yourself and your future.
Historically, real estate has always increased in value. Buy real estate now, then wait for it to rise.
Call me so we can get a game plan today with buying or selling your home.