Rents jumped an average of +15% y/y in 2021 while median monthly mortgage payments skyrocketed +31% y/y.
Housing Costs for Renters and Buyers Shot Up in 2021
In newly released data by Redfin, both renters and homebuyers experienced staggering housing costs in 2021.
Rent increased an average of +15% over the past year. Some rental markets experienced hikes of more than +30%.
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Homebuyers were even more crushed by housing costs than renters in 2021. Redfin indicated that the median monthly mortgage payment increased a whopping +31% y/y last year.
Redfin Chief Economist Daryl Fairweather said, “The cost of housing is going up for homebuyers and renters, but it’s going up more quickly for homebuyers. Americans should brace themselves for continued inflation across the board and try to find ways to cut costs.”
Rent Growth, Year-over-Year
The average cost to rent in the US in 2021 was $1,901/month. Renters living in San Francisco paid an average of $3,535/month, an increase of +16.1% y/y
Rents increased the most in…
- Austin TX – +40%
- Portland OR – +39%
- New York – +36%
- Newark NJ – +36%
- Nassau County NY – +36%
- New Brunswick NJ – +36%
- Fort Lauderdale FL – +30%
- West Palm Beach FL – +30%
- Miami FL – +30%
- Denver CO – +29%
Rents decreased in…
- Milwaukee – -2.6%
- Kansas City MO – -1.5%
Monthly Mortgage Payment Increases
The monthly cost of a mortgage for buyers putting down 5% increased an eye-opening +7.5% from January to February 2022 to $1,716.
For homeowners living in the San Francisco Bay Area, the most expensive market in the country, homeowners who put down 5% spent $6,718 for their median monthly mortgage payment. This $6,718 is an increase of +25% y/y, according to Redfin.
Year-over-year monthly mortgage payments increased the most in…
- Phoenix AZ – +44.6%
- Las Vegas NV – +44.5%
- Tampa FL – +44.0%
- Austin TX – +42.1%
- Nashville TN – +41.3%
- Jacksonville FL – +40.2%
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Thanks to Redfin.