First Time Homebuyer Costs Up 9% In Last Year: TABLE

Here’s a table from John Burns Real Estate Consulting comparing homeownership costs from March 2018 to 12 months ago, and costs are rising rapidly for entry level buyers.

They define an entry-level home as one that sold for 80% of the metro’s median sales price (resale and new combined) and calculate the mortgage payment assuming a 5% down payment and 30-year fixed payment of PITI (principal, interest, taxes and insurance) plus private mortgage insurance. They excluded maintenance and other costs associated with owning a home because they think that didn’t change much over the past 12 months.

Challenges Mount For First Time Buyers