Affordability on the Rise
A new custom nears completion in Naples, Florida - by Nova Homes of South Florida
Don’t get too bummed about rising prices. Compared to historical housing costs, homes today are actually more affordable than they were in past decades.
Two words: mortgage rates.
To take out a mortgage loan in the 1980s, you’d likely pay up to 16 percent in interest—compare that with today’s mortgage rates of around 4.5 percent.
For a $200,000 loan, at 4.5 percent interest, you’d pay $1,013 a month (before taxes, insurance, and other fees), but with 16 percent interest, you’d pay $2,690.
No one knows what the future holds, but from previous historical data, it seems like a good time to buy a new home.
Nova Homes of South Florida has been building affordable 'High Performance' luxury in Southwest Florida since 2004. Homes are priced from the $200s to over $2 million. For more information please call Nick Cornwell at 239.776.5076 or email BuildNow@NovaHomesBuilder.com