Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I am curious about this in my own neighborhood. Prices seem very inflated and overpriced now for homes. My neighborhood is a new neighborhood, that has existed 3 1/2 years. It is not finished yet, and will include just under 600 homes. Likely finished end of 2021. Is there a way to see a monthly mortgage payment average or a national monthly mortgage payment average?
I'm not clear what you are trying to determine with the info? Housing prices vary all over the country, and even within relatively short distances there can be big differentials.
And of course, individual mortgages vary by all kinds of factors like how much someone had to put down.
You could live on a block of houses that are all priced exactly the same with every one of them having a different mortgage amount based on the interest rate, the length of the term, the amount of the down payment.
Thanks, I was trying to get an average monthly payment amount. I am curious what everyone else in my neighborhood pays monthly. There are some big houses in my neighborhood! I was able to put a lot of money down for my house, and kept my monthly payment low at $1000.00 an month.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,551 posts, read 81,085,957 times
Reputation: 57739
The average of $1,487 nationwide is much less than in many places. For example, in Seattle it's $2,628, San Francisco is $4,048, but only $1,140 in the Kentucky, Tennessee, Mississippi, Alabama areas.
Thanks, I was trying to get an average monthly payment amount. I am curious what everyone else in my neighborhood pays monthly. There are some big houses in my neighborhood! I was able to put a lot of money down for my house, and kept my monthly payment low at $1000.00 an month.
So not only do you not know the terms of everyone's mortgage in your neighborhood (which as others have already suggested varies tremendously), how much of those purchases anyone financed, but the houses themselves aren't comparable in terms of property tax or insurance, which may be escrowed and affect the monthly payment. Not sure what good an "average" anything will do you.
I suppose you could look up the public property tax info on each house to find out when the current owners bought it and for what price. Then dig around trying to find out what the mortgage interest rate was at the time they might have financed it...if they even did. OTOH, you could also go knock on all the doors and ask. Seems like a lot of work for what exactly? Helping you feel chuffed about the deal you got?
So not only do you not know the terms of everyone's mortgage in your neighborhood (which as others have already suggested varies tremendously), how much of those purchases anyone financed, but the houses themselves aren't comparable in terms of property tax or insurance, which may be escrowed and affect the monthly payment. Not sure what good an "average" anything will do you.
I suppose you could look up the public property tax info on each house to find out when the current owners bought it and for what price. Then dig around trying to find out what the mortgage interest rate was at the time they might have financed it...if they even did. OTOH, you could also go knock on all the doors and ask. Seems like a lot of work for what exactly? Helping you feel chuffed about the deal you got?
LOL! too much work! I will just say thanks for those above, that gave me average payments across the U.S. and broke down areas.
Thanks, I was trying to get an average monthly payment amount. I am curious what everyone else in my neighborhood pays monthly. There are some big houses in my neighborhood! I was able to put a lot of money down for my house, and kept my monthly payment low at $1000.00 an month.
I get the curiosity (hell, I want to know, too), but just be careful in that the average number(s) you'll find online won't necessarily mean anything to you. Apart from areas having different costs of living, etc., folks will qualify for different interest rates and property taxes (not part of the mortgage, but baked into the monthly mortgage payment) will be different throughout the country, too.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.