The costs associated with owning a home have skyrocketed over the past few years, especially in the aftermath of the pandemic, as mortgage rates continue to rise and home prices stay elevated.
The median monthly U.S. housing payment reached an all-time high of $2,843 in the four weeks ending April 25, up 13% from a year earlier, according to Redfin data. Since then, it has dropped to $2,812 — its lowest level in six weeks, but still high.
These costs are being buoyed by mortgage rates that are staying well above pre-pandemic levels, in large part thanks to the Federal Reserve’s interest rate hikes. The average rate on a 30-year fixed mortgage crept back up this week, at 7.29% as of Thursday.
With higher mortgage rates come higher mortgage payments. These are the 10 U.S. cities that have seen the largest jump in median mortgage payments over the last two years, according to a CNBC analysis of Redfin data.
