Housing Payments Rise to Hit Record-High $2,775 per Month: Report

Almost half of US homeowners and renters are struggling to afford their housing payments to the extent that 22 percent have begun skipping meals.

A 'For Sale' sign is displayed in front of a new home in Fairfax, Va., on Aug. 22, 2023. Andrew Caballero-Reynolds/AFP via Getty Images

U.S. homebuyers face the prospect of having to pay a “record” amount in monthly mortgage payments to buy a house amid extremely high prices and elevated mortgage rates, according to brokerage Redfin.

“The median U.S. home-sale price increased 5 percent from a year earlier during the four weeks ending April 14, bringing it to $380,250—just $3,095 shy of June 2022’s all-time high,” said an April 18 press release from Redfin. “The average daily mortgage rate this week surpassed 7.4 percent, the highest level since last November, after a hotter-than-expected inflation report and the Fed’s confirmation that interest-rate cuts will be delayed.” The 12-month inflation had jumped 0.3 percent, to 3.5 percent in March.