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Editor’s Notice: This story initially appeared on Development Protection.
On account of each the drive up in residence costs that started in 2020 and rising rates of interest, mortgage funds have elevated quickly during the last 12 months. The month-to-month mortgage fee for a median-priced house is now 66% increased than a 12 months in the past.
In response to knowledge from Zillow, the nationwide median residence worth elevated from $318,432 to $357,544 from late November 2021 to late November 2022. On the identical time, the common 30-year fastened mortgage charge went from 3.11% to six.49%.
Each mortgage rates of interest and residential costs fluctuate on a geographic foundation.
Moreover, some components of the nation have seen smaller declines in residence costs than others. Consequently, homebuyers in sure areas have been way more impacted by rising rates of interest.
To find out the areas the place homebuyers are most impacted by rising rates of interest, researchers at Development Protection analyzed the newest knowledge from Zillow and Freddie Mac.
The researchers ranked metros in line with the share change within the month-to-month mortgage fee for a median-priced residence from 2021 to 2022.
Researchers additionally calculated the entire change in mortgage fee from 2021 to 2022, the mortgage fee for a median-priced residence, and median residence worth. Discover particulars on our methodology on the finish.
Listed here are the U.S. metropolitan areas the place homebuyers are most impacted by rising rates of interest.
15. Houston-The Woodlands-Sugar Land, TX
Share change in mortgage fee (YoY): +67.8%
Whole change in mortgage fee (YoY): +$641
Mortgage fee for median-priced residence (present): $1,586
Mortgage fee for median-priced residence (1 12 months in the past): $945
Median residence worth (present): $313,962
14. Oklahoma Metropolis, OK
Share change in mortgage fee (YoY): +68.0%
Whole change in mortgage fee (YoY): +$458
Mortgage fee for median-priced residence (present): $1,131
Mortgage fee for median-priced residence (1 12 months in the past): $673
Median residence worth (present): $223,988
13. San Antonio-New Braunfels, TX
Share change in mortgage fee (YoY): +68.3%
Whole change in mortgage fee (YoY): +$698
Mortgage fee for median-priced residence (present): $1,721
Mortgage fee for median-priced residence (1 12 months in the past): $1,023
Median residence worth (present): $340,673
12. Memphis, TN-MS-AR
Share change in mortgage fee (YoY): +68.4%
Whole change in mortgage fee (YoY): +$487
Mortgage fee for median-priced residence (present): $1,199
Mortgage fee for median-priced residence (1 12 months in the past): $712
Median residence worth (present): $237,348
11. Indianapolis-Carmel-Anderson, IN
Share change in mortgage fee (YoY): +69.1%
Whole change in mortgage fee (YoY): +$567
Mortgage fee for median-priced residence (present): $1,389
Mortgage fee for median-priced residence (1 12 months in the past): $821
Median residence worth (present): $274,955
10. Raleigh-Cary, NC
Share change in mortgage fee (YoY): +69.5%
Whole change in mortgage fee (YoY): +$920
Mortgage fee for median-priced residence (present): $2,245
Mortgage fee for median-priced residence (1 12 months in the past): $1,325
Median residence worth (present): $444,389
9. Tulsa, OK
Share change in mortgage fee (YoY): +70.4%
Whole change in mortgage fee (YoY): +$458
Mortgage fee for median-priced residence (present): $1,109
Mortgage fee for median-priced residence (1 12 months in the past): $651
Median residence worth (present): $219,541
8. Atlanta-Sandy Springs-Alpharetta, GA
Share change in mortgage fee (YoY): +70.9%
Whole change in mortgage fee (YoY): +$799
Mortgage fee for median-priced residence (present): $1,926
Mortgage fee for median-priced residence (1 12 months in the past): $1,127
Median residence worth (present): $381,244
7. Dallas-Fort Value-Arlington, TX
Share change in mortgage fee (YoY): +71.7%
Whole change in mortgage fee (YoY): +$819
Mortgage fee for median-priced residence (present): $1,962
Mortgage fee for median-priced residence (1 12 months in the past): $1,142
Median residence worth (present): $388,388
6. Charlotte-Harmony-Gastonia, NC-SC
Share change in mortgage fee (YoY): +73.5%
Whole change in mortgage fee (YoY): +$829
Mortgage fee for median-priced residence (present): $1,956
Mortgage fee for median-priced residence (1 12 months in the past): $1,127
Median residence worth (present): $387,184
5. Nashville-Davidson–Murfreesboro–Franklin, TN
Share change in mortgage fee (YoY): +75.2%
Whole change in mortgage fee (YoY): +$984
Mortgage fee for median-priced residence (present): $2,294
Mortgage fee for median-priced residence (1 12 months in the past): $1,309
Median residence worth (present): $454,084
4. Jacksonville, FL
Share change in mortgage fee (YoY): +78.0%
Whole change in mortgage fee (YoY): +$832
Mortgage fee for median-priced residence (present): $1,898
Mortgage fee for median-priced residence (1 12 months in the past): $1,066
Median residence worth (present): $375,692
3. Orlando-Kissimmee-Sanford, FL
Share change in mortgage fee (YoY): +79.4%
Whole change in mortgage fee (YoY): +$894
Mortgage fee for median-priced residence (present): $2,020
Mortgage fee for median-priced residence (1 12 months in the past): $1,126
Median residence worth (present): $399,902
2. Tampa-St. Petersburg-Clearwater, FL
Share change in mortgage fee (YoY): +79.9%
Whole change in mortgage fee (YoY): +$876
Mortgage fee for median-priced residence (present): $1,973
Mortgage fee for median-priced residence (1 12 months in the past): $1,097
Median residence worth (present): $390,617
1. Miami-Fort Lauderdale-Pompano Seashore, FL
Share change in mortgage fee (YoY): +83.9%
Whole change in mortgage fee (YoY): +$1,101
Mortgage fee for median-priced residence (present): $2,414
Mortgage fee for median-priced residence (1 12 months in the past): $1,312
Median residence worth (present): $477,823
Methodology
To find out the areas the place homebuyers are most impacted by rising rates of interest, researchers at Development Protection analyzed the newest knowledge from Zillow’sZillow House Worth Index (ZHVI), a measure of typical residence worth, and Freddie Mac.
The researchers ranked metros in line with the share change within the month-to-month mortgage fee for a median-priced residence from 2021 to 2022. Within the occasion of a tie, the metro with the biggest complete change in mortgage fee was ranked increased.
Researchers additionally calculated the mortgage fee for a median-priced residence, and median residence worth. Median residence worth was calculated from Zillow’s ZHVI, and the month-to-month mortgage fee for a median-priced residence was calculated by assuming a 30-year fixed-rate mortgage with a 20% down fee.
To enhance relevance, solely metropolitan areas with a minimum of 100,000 folks had been included within the evaluation.
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