Sunday, December 29, 2019

US Housing Cost


Monthly rental costs are moving higher than home mortgage payments in most urban areas. The cost of living in the US is high. The US average home mortgage payment is $1,492 and the average monthly rent is $1,350. 34% of homeowners have paid off their mortgages and have no payments other than their annual property tax.

Apartment Rental Costs
The Average monthly apartment rent in the US in 2019 is $1,350 per month. The average apartment in the United States can run anywhere from $500 (one bed room apartments in more rural areas) to $1,500 (3 bedroom apartment in urban areas). This price could also vary depending on which utilities are included in your rent.

US Monthly Apartment Rental Cost History
1940 $284
1950 $257
1960 $350
1970 $415
1980 $481
1990 $571
2000 $602
2019 $1,350
The US average monthly home rental cost
1960 $568
1970 $670
1980 $698
1990 $810
2000 $828
2008 $1000
2010 $928
2016 $1,001
2017 $1,349
2018 $1,405
2019 $1,465

US average monthly mortgage payment
The median monthly mortgage payment for US homeowners was $1492, including costs from taxes and insurance.

The average cost of a new home in the US has increased 1000% from 1930 to 2019.
US Average Home Cost History
1930 $3,845
1940 $2,920
1950 $8,450
1960 $12,700
1970 $23,450
1980 $68,700
1990 $123,000
2008 $238,880
2013 $289,500
2019 $379,600

US Big City Home Cost

San Francisco median home prices rose from $420,000 in 2000 to $1.3 million in 2019. The median home selling 
price was $589,770, a drop of 2.6 % from October yet it that is still up 6.4% from November 2018. Year to date sales are down 1.9% in November.

Los Angeles median home prices rose by 11% to $998,000 In October 2019. The median listing price per square foot was $598. The median sale price was $840K.

Manhattan New York Apartment average rose to $1 million in November 2019. The average price of homes across New York State was $321,934 ranging from $82.300 in Syracuse to $672.400 on Long Island. 

Washington DC Home Price average hit $626,905 in November 2019.

As prices rise, sales are reduced. Businesses and families continue to flee San Francisco, Los Angeles and New York City for lower taxes and lower housing costs.

The US Cost of Living Index for North America lists US cities ranked by cost of living.

Norb Leahy, Dunwoody GA Tea Party Leader

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