California house payments jump 127% in pandemic era with rates at 23-year high

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California house payments jump 127% in pandemic era with rates at 23-year high
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Buyer gets $4,717 payment on median $843,340 house at this week’s 7.63% average rate.

A typical California homebuyer’s mortgage payment is up 127% – yes, more than double – since the pandemic transformed the housing market.My trusty spreadsheet looked at housing costs using Freddie Mac’s weekly tally of the average 30-year fixed loan combined with median selling prices for existing, single-family homes provided by the California Association of Realtors.

That means prices have increased 240% over 23 years. Incomes meanwhile are up only 96% in the same period – not even double.

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