Expensive Housing is a Secular Trend, not a Cyclical One

Most of the increase in monthly mortgage payments is from higher prices, not higher interest rates

Hi! I’m Aziz. My newsletter contextualizes America’s housing market using data visualization—hit reply and let me know what you think.

Over the last ten years the monthly payment on a 30-year mortgage for the median American single family home has increased by $1500. Two-thirds of this increase is due to higher home prices. Only one third has been from …