Despite lower prices, buying a house is more expensive

Even with a 10% drop in sales price, higher interest rates can amount to hundreds of dollars more in a monthly mortgage payment.

These sales prices represent the median sales price of homes that sold in January of 2022 and 2023. The mortgage payments were calculated using Bankrate.com's mortgage calculator. These numbers assume a 10% downpayment.
Chart: Audrey McGlinchySource: Bankrate.comGet the dataCreated with Datawrapper