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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