The difference of a year is having a major impact on how much Americans are paying for a mortgage.
The combination of rising interest rates and increasing home prices has made affording a new mortgage difficult, and the issue is particularly troublesome here in Florida, according to a study by Construction Coverage.
A monthly mortgage payment on a median-priced home in Florida was $1,136 in 2021. In 2022, it was $2,053—that’s up about 80% year-over-year. The study cites Naples as having a 94% increase in monthly mortgage payments—the highest percentage increase in the country.
It’s affecting all Americans, just less so across the country. The average jump in a monthly mortgage payment nationwide is 66%.