In the US, the median-income household needs to put down about half that to afford the typical monthly mortgage payment.
The dreams of homeownership in the United States are moving further out of reach for middle-class Americans. Affording even the down payment for a typical US home can be a burden, as home prices rise, interest rates remain high, and inventory lags demand.
Now imagine what it’s like in metro Boston.
A median-income household needs to put down 35.4 percent to afford the typical monthly mortgage payments in the United States, according to a June 20 analysis by Zillow. In Boston, that number soars to 61.7 percent, since the typical home value here is $701,349, according to the real estate marketplace.
Boston is a city where people “want to live, work, and go to school,” said Dan Richards, president of Flyhomes Mortgage. Despite the housing challenges, the Boston housing market is going to stay on the current trajectory of growth, Richards added.
We’re victims of our own success, it seems.