Could You Afford the Average Mortgage of November 2021?

It may be too early to tell just exactly the direction of home prices for 2022, although there have been some predictions. But what we do know is how much money homebuyers were receiving for mortgages in November 2021.

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Home prices have soared during the pandemic, making it very difficult for first time homebuyers to take the leap. Even with homeprices surging, the demand was just as high, causing those wanting to purchase to take out larger mortgages.

In November 2021, the national average mortgage was $414,114. Not many American’s can take out such a large loan amount, as the 2021 median family income in the US is $79,900.

The toss up of how the real estate market will go will affect the pricing of homes set to be listed, as the demand is still so high, and new build constructions are slowing down due to supply chain issues.

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