According to the National Association of REALTORS® (NAR) in 2022 the average monthly mortgage payment was $2,317. In comparison, the median mortgage payment for Q2 of 2023 was $2,051 for a mortgage on a single-family home.
Yeah, that has to have either people who rent or have a paid-off house pulling things down, since the typical mortgage payment alone is more than that, absent any other forms of debt.
If they’re including mortgages that’s crazy low. Lots of Boomers lowering the number I’m sure.
googles.
https://www.rocketmortgage.com/learn/average-mortgage-payment
Yeah, that has to have either people who rent or have a paid-off house pulling things down, since the typical mortgage payment alone is more than that, absent any other forms of debt.