This house was sold in 1983 for $96,500. Mortgage rates back then was ~12%. So, monthly payment back then was $794/month. Today, that house just went pending @ $465k and current mortgage rate is ~4.25%. Which puts the monthly payment @ $1830/month. You’re looking at an increase of 2.3x in housing cost for your average middle class family. That doesn’t seem to outrageous to me.
Rates below 5% are an anomaly — costs with such low rates aren’t a good measure of true expenses, since rates only have one way to go in the next year or two.
