How Much Home Can You Buy In Harrisburg PA?
I just read an article that said the average monthly rental payment in the Harrisburg area was $846 in 2013. Since this report says they calculate that number every two years, I made the adjustment to $900 per month. So using this number and rounding down to consider a 3.75% 30 fixed mortgage rate you arrive at a monthly principal and interest payment of $879.92. Amazing how close that figure is to the average monthly rental payment, wouldn’t you agree? Yes, I am aware that the mortgage payment does not include real estate taxes and insurance but I wanted to give you a reference point to consider. Included below are a few pictures of homes that fall into this affordability price range.
You probably are asking why I am posting this article now? Well, we have all been saying that interest rates are going to increase by the end of 2015. AND yes we have made that prediction before and nothing has happened and I am not saying this is different than previous times but it is. So if you are paying this amount of money in rent at least consider the alternative, talk to a lender and see what your options are. Or give me a call and we can look at some homes, just like you take a car for a test drive. If you don’t like anything at least you know that home ownership is not for you at this time. Give me a call or text me at 717-579-2879 or send me an email at Don@DonRoth.com. I am happy to assist you !
