Here's the Average American's Mortgage Payment, by Age and Income
There is, perhaps, no bigger expense you will ever have than the purchase of your house. Along with saving for retirement, and a college education for your children, paying a mortgage has become one of the “Big Three” financial events in one’s life.
But how much are we actually spending on our mortgages, and does it make sense for the type of lives we lead?
Last month, the Bureau of Labor Statistics (BLS) released its Consumer Expenditure Survey for 2013. If you’ve ever bought a house, you know the monthly payment you make is actually more than just your mortgage. The regular price of being a homeowner also includes property taxes, the interest on your mortgage, several different types of insurance and — for the purposes of the data collected by the BLS — regular maintenance.
So, how much are average Americans paying for their mortgages? When we break it down by household income, here’s what the data says.