Redfin Says Rent & Mortgage Payments Rising Sharply in 2021
Redfin says both rent and mortgage payments have risen sharply in 2021. In fact, they point out that rent alone has seen its highest growth rate in at least two years. According to their report, average monthly rent has increased 13% nationwide while mortgage payments have grown 17% over the same period. Interestingly, Redfin points out that a handful of cities saw rents rise more than 30% from one year ago – these cities include Miami, Seattle, Portland (Oregon) and Austin.
“Growth rates for mortgage payments and rents had been converging, but an uptick in mortgage rates and home prices caused mortgage-payment growth to accelerate from September to October.”
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