Median Mortgage payment rises to all time high in America

The median mortgage payment rises to a record high of $2,894 per month in the 4 week period ending on  May 5th 2024.  That's an increase of +14% from 2023, +23% from 2022, and +78% from 2021.  These numbers don't include taxes, insurance, utilities, and maintenance costs.

In my city of Longmont Colorado median listing home price was $625,000 and median sold price was $585,000 during the month of May.

Owning a home is not affordable anymore in Colorado and in many cities in America in 2024.  Idk if is possible for most millenials or Gen Zers to buy a home? 

According to zillow average rent price for all properties in Colorado is  $2275 a month and that includes apartments.   So now many people are renting rooms but room rentals are $700++ with 3+ roomates. 

Thank you for reading and let me know how you feel about this?






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