Here are the 10 cities where mortgage payments have increased the most this year | RNL Blog

To say that the housing market has been tough lately would be a gross understatement. Wannabe homebuyers have dealt with bidding wars, declining housing stocks, and now soaring mortgage rates.

As of this writing, the current average rate for a 30-year fixed rate mortgage has risen to 6.66% from the all-time low for a 30-year fixed rate mortgage of 2.65% in January 2021. And if buyers can climb the real estate ladder, it is They may have paid more for a home than they would have liked - which means shutting out some buyers altogether.

Here are the 10 cities where current starter mortgage payments increased the most (due to a combination of house prices and mortgage rates) between July 2021 and July 2022, according to data from John Burns Real Estate Consulting. All of these cities are located in the Southwest and South America, both of which are very popular areas that attract large numbers of Americans.

The 2021 Immigration Report by North American Moving Services found that Arizona, Tennessee, and the Carolinas are the best places you'll see reflected in this list for Americans moving in 2021. So, what are the average home prices in these metropolitan areas, and what features attract buyers? to her? Let's dive.

1. Orlando, Florida
Median home value: $389,144 (up 28.2% year-over-year)

Orlando is the first of the four Florida cities on this list and has a special appeal for many Americans due to its warm weather and many family-friendly attractions. Disney World opened in 1971 and that was just the beginning; The company now owns 40 square miles of space in the Orlando area devoted to four theme parks and two water parks.

2. Nashville, Tennessee
Median home value: $462,211 (up 27.9% from the previous year)

Nashville is the capital of Tennessee and its second-largest city. It is known as the home of the country music scene and also has an NFL team and several highly-rated institutions of higher education.

3. Raleigh, North Carolina
Median home value: $457,510 (up 25.2% from the previous year)

Raleigh, the first of two North Carolina municipalities on the list, is found in the center of the state. Residents can enjoy college sports and plenty of jobs at high-tech companies. It is also southerly enough to offer milder winters.

4. Jacksonville, Florida
Median home value: $313,315 (27.1% year-over-year increase)

Jacksonville is located on Florida's North Atlantic beach, very near Georgia. According to carrier PODS, residents often say it looks more like the Peach State than the Sunshine State. It provides Jacksonville residents with easy access to the beach and hot summers.

5. Charlotte, North Carolina
Median home value: $402,643 (23.5% year-over-year increase)

Charlotte is located near the South Carolina border and is home to the NASCAR Hall of Fame, which attracts racing fans from far and wide. It has one of the busiest airports in the world, the most populous city in the state, and also a major hub for American Airlines.

6. Las Vegas, Nevada
Median home value: $442,727 (up 22.4% from the previous year)

Synonymous with bright lights, gambling, and the tourism industry, Las Vegas declares itself the Entertainment Capital of the World. It offers its residents a desert climate, year-round sunshine, and the opportunity to avoid paying government income taxes.

7. Miami, Florida
Median home value: $560,169 (up 30.7% year-over-year)

Miami may be prone to hurricanes, but enjoying the sun and beautiful beaches is a strong draw for those who move to this South Atlantic port city. Miami has cultural diversity, vibrant nightlife, and plenty to see and do for residents and tourists alike.

8. Tampa, Florida
Median home value: $422,079 (up 28.2% year-over-year)

Tampa, the last Florida city on this list, is located in the middle of the state's Gulf Coast. Tampa has several major league sports teams, warm weather, and proximity to both the ocean and Tampa Bay.

9. Atlanta, Georgia
Median home value: $403,646 (up 15.5% year-over-year)

Atlanta is located in central Georgia and, unlike some of the southern cities on this list, sees all four seasons (if accepted, winter comes without much snow). Major attractions include large putting greens for golf and other recreational activities and many professional sports teams.

10. Phoenix, Arizona
Median home value: $427,586 (up 16.5% year-over-year)

If you like warm, dry weather and lots of sunshine, Phoenix might be for you. The population of this desert city increased rapidly; The 2020 United States Census revealed that Phoenix is gaining more population than any other city.

Do you want to buy a house?

It's still a tough time for promising homebuyers, but the market is slowly calming down thanks to higher mortgage rates. Redfin states that due to the sudden surge, buyers lost 29% of their purchasing power. It's frustrating, but there are a few steps you can take to be ready to buy a home when the right one arrives.

  • Try to improve your credit score to qualify for the best available mortgage rates when you apply.
  • Pay off your debts to put yourself in the best position to own a home.
  • Ideally, save for a down payment of at least 20% so that you don't have to pay for private mortgage insurance.
  • do not lose hope. No one can predict the direction of the housing market, but we could see lower rates in 2023. And if you're stuck with a higher rate now, you can refinance when things calm down.
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