How Much Does A $3,000 Mortgage Payment Afford?

Dated: February 14 2023

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Home buyers have regained some of their purchasing power in recent weeks. Mortgage rates have fallen from the peak they hit last October, and buyers are now getting more house for their money. That's welcome news after last year when the average square footage a buyer could afford with a $3,000 monthly mortgage payment fell 140 square feet from the year before. So how much more for their money are buyers getting now that rates have moderated somewhat?

 

According to one recent analysis of cities across the country, how much more buyers get for their money depends on where they want to buy. The increase in square footage a buyer can afford with a $3,000 monthly payment ranges from around 100 additional square feet in New York City to 365 square feet in Salt Lake City, with cities in the South and Midwest seeing more significant gains on average than more expensive cities in the West and Northeast.

 

The MikeDowner.com website is the most comprehensive online source for Southwest Florida real estate information and services. Whether you are looking for the latest sales, trends, or homes for sale in Collier County and Lee County in Florida, Mike Downer and Coldwell Banker Realty have it all at your fingertips. Browse information regarding new listings, price changes, short sales, foreclosures, new construction, investment property, land sales, or commercial locations throughout Southwest Florida at www.MikeDowner.com or call Mike at 239-722-6453.

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Michael Downer

Your Luxury REALTOR®, Trusted Advisor — Quintessential Naples Team at Downing-Frye Realty®Michael "Mike" Downer is the REALTOR® you want in your corner when buying or selling real es....

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