Florida Mortgages Are More Expensive Than Most

Mortgage payments in Florida are some of the highest in the nation in relation to how much people earn, according to the Mortgage Bankers Association , an indication that homebuyers in the state are facing less affordable prospects in acquiring property.The MBA measured mortgage payments plus interest on loans in relation to income to understand how affordable purchasing a home is in different parts of the country.

The median mortgage payment increased to about $2,600 in April, a jump of nearly 7 percent compared to the same time a year ago, which amounts to $144 more in monthly payments, according to MBA.In Florida, the first quarter saw prices for homes go up. The median sale price for a single-family existing home was $415,000, up nearly 4 percent on a yearly basis. Condos and townhouses went for $325,500, also a jump of close to 3 percent, according to Florida Realtors.

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