The average monthly mortgage payment for a typical single-family home in Q1 2024 was $2,037, down 5.7% from Q4 2023. However, it was up 9.3% from a year ago.
First-time buyers spent 36.5% of family income on mortgage payments, highlighting the challenges faced in today's housing market.
68% of the largest U.S. metro areas required a household income over $100,000 to afford the median-priced home, showing affordability concerns.
With 30-year fixed mortgage rates averaging 6.75% in Q1 2024 and climbing to 7.22% in May, families are facing higher costs and reduced affordability.
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