Skip to content

Seattle Bubble

local real estate news, statistics, and commentary without the sales spin.

Menu
  • Home
  • About
  • Contact
  • Reference
  • Speaking
Menu
wide view of a dilapidated craftsman home, peeling paint, broken windows, holes in roof, on a Seattle neighborhood street on a rainy day

Homebuyers are taking on monthly payments 59% higher than at the 2007 peak of the previous housing bubble.

Posted on March 17, 2023 by The Tim

As of February, the monthly payment for the median-price single-family home sold in King County at current mortgage rates was $3,945.

The good news: This is down from an eye-watering $4,758 in October.
The bad news: This is up dramatically from just a year prior, and 59% higher than what we saw at the peak of the previous housing bubble.

King County Single-Family Monthly Mortgage Payment

Even if you adjust the July 2007 peak payment for inflation, it only comes out to about $3,586 in 2023 dollars, meaning that the October 2022 peak was 34% higher, and as of February homebuyers are still looking at payments 10% above the highest level recorded before the last housing bubble burst.

I don’t have a lot of commentary to add to this, just to say that this is clearly not sustainable, and in my opinion it’s not mortgage rates that need to come back down, it’s home prices.

Share:

  • Twitter
  • LinkedIn
  • Facebook
  • Reddit
  • Pinterest
  • Email

Continue Reading

Next Post:
Home prices are finally falling around Seattle—more than most places in the nation

Tim’s Other Projects

Dispatches from the Multiverse

Tip Jar

Like what we're doing?

Drop us a tip!

Accounts

  • Log in
  • Entries feed
  • Comments feed
  • WordPress.org
©2025 Seattle Bubble | Built using WordPress and Responsive Blogily theme by Superb