Average Mortgage Payments vs. Income Growth in the US (2018 - 2023)

Average mortgage payments for median-priced single-family homes were calculated using the NerdWallet Mortgage Payment Calculator. The calculations assume a 20% down payment, with a 30-year fixed rate of 4.55% in 2018 and 6.39% in 2023. Median single-family home prices were sourced from each city's individual real estate board. Median annual income was sourced from the U.S. Bureau of Labor Statistics.
Chart: ZoocasaGet the dataCreated with Datawrapper