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ID: mmzRwQbR/biz/60688161#60688218
7/25/2025, 6:56:31 AM
>>60688161
Right now the average interest rate for a 30-year mortgage is 6.75%.
Therefore somebody with decent credit who buys your house and puts 20% down would be looking at a mortgage payment of $2,250 per month.
Your house is in Dallas so it probably has an HOA. I assume that costs $150 per month.
Your house is in Texas so the property taxes are high. Probably something like $600 per month.
Therefore someone who buys your house has to pay $3,000 per month for the next 30 years.
Median household income in the United States is $80k, which works out to around $6.6k per month.
Conventional wisdom says that you shouldn't spend more than 1/3rd of your income on housing. So the median American household can only afford to pay up to $2,200 per month for their house. Your house costs 36% more than what median Americans can afford.
In conclusion, your house isn't selling because most Americans are priced out from buying it.
Right now the average interest rate for a 30-year mortgage is 6.75%.
Therefore somebody with decent credit who buys your house and puts 20% down would be looking at a mortgage payment of $2,250 per month.
Your house is in Dallas so it probably has an HOA. I assume that costs $150 per month.
Your house is in Texas so the property taxes are high. Probably something like $600 per month.
Therefore someone who buys your house has to pay $3,000 per month for the next 30 years.
Median household income in the United States is $80k, which works out to around $6.6k per month.
Conventional wisdom says that you shouldn't spend more than 1/3rd of your income on housing. So the median American household can only afford to pay up to $2,200 per month for their house. Your house costs 36% more than what median Americans can afford.
In conclusion, your house isn't selling because most Americans are priced out from buying it.
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