According to Zillow, U.S. homeowners that bought a two-bedroom home in 2009 and wanted to upgrade to a three-bedroom home in 2016 could expect to spend an additional $447 per month on their mortgage. Move-up buyers in many large Midwest markets could also expect to stretch their dollars further; for example, in Chicago, Cincinnati, and St. Louis, buyers can expect to spend approximately $150 more on mortgage payments each month by upgrading from a two-bedroom home to a three-bedroom home. In hot coastal markets such as Los Angeles and San Francisco, buyers could spend more than $1,000 extra per month.
Residential Products Online content is now on probuilder.com! Same great products coverage, now all in one place!
billboard
PB Topical Ref
leaderboard2
Related Stories
As home prices soar to new highs across the U.S., buyers are competing for more expensive homes with smaller footprints
The vast majority of renters of all income levels feel either “very confident” or “somewhat confident” that they can stay in their homes as long as they want
There are a growing number of $1 Million Neighborhoods across the nation, with the New York-Northern New Jersey market leading the way
The monthly mortgage payment for the typical U.S. home was $758 as of the end of last year
This means a median-income household needs a 35.4% down payment to make monthly costs affordable
A look at the future of urban and suburban housing post-COVID
boombox2
boombox1
ADVERTISEMENT
halfpage1
native1
catfish1