{"id":106168,"date":"2023-03-17T12:49:28","date_gmt":"2023-03-17T19:49:28","guid":{"rendered":"https:\/\/seattlebubble.com\/blog\/?p=106168"},"modified":"2023-03-17T12:49:28","modified_gmt":"2023-03-17T19:49:28","slug":"homebuyers-are-taking-on-monthly-payments-59-higher-than-at-the-2007-peak-of-the-previous-housing-bubble","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2023\/03\/17\/homebuyers-are-taking-on-monthly-payments-59-higher-than-at-the-2007-peak-of-the-previous-housing-bubble\/","title":{"rendered":"Homebuyers are taking on monthly payments 59% higher than at the 2007 peak of the previous housing bubble."},"content":{"rendered":"

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

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

\"King<\/a><\/p>\n

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.<\/p>\n

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.<\/p>\n","protected":false},"excerpt":{"rendered":"

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: It’s up dramatically from just a year prior, and 59% higher than what we saw at the peak<\/em> of the previous housing bubble\u2026<\/p>\n","protected":false},"author":2,"featured_media":106170,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"On the blog: Homebuyers are taking on monthly payments 59% higher than at the 2007 peak of the previous housing bubble.","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[8,616],"tags":[28,223,547,6],"coauthors":[1158],"class_list":["post-106168","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stats","category-counties","tag-affordability","tag-interest-rates","tag-monthly-payment","tag-nwmls"],"yoast_head":"\nHomebuyers are taking on monthly payments 59% higher than at the 2007 peak of the previous housing bubble. \u2022 Seattle Bubble<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seattlebubble.com\/blog\/2023\/03\/17\/homebuyers-are-taking-on-monthly-payments-59-higher-than-at-the-2007-peak-of-the-previous-housing-bubble\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Homebuyers are taking on monthly payments 59% higher than at the 2007 peak of the previous housing bubble. \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"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: It's up dramatically from just a year prior, and 59% higher than what we saw at the peak of the previous housing bubble\u2026\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2023\/03\/wide-view-of-a-dilapidated-craftsman-home-peeling-paint-broken-windows-holes-in-roof-on-a-Seattle-neighborhood-street-on-a-rainy-day.png\" \/>\n<meta name=\"twitter:creator\" content=\"@The_Tim\" \/>\n<meta name=\"twitter:site\" content=\"@SeattleBubble\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"The Tim\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/seattlebubble.com\/blog\/2023\/03\/17\/homebuyers-are-taking-on-monthly-payments-59-higher-than-at-the-2007-peak-of-the-previous-housing-bubble\/\",\"url\":\"https:\/\/seattlebubble.com\/blog\/2023\/03\/17\/homebuyers-are-taking-on-monthly-payments-59-higher-than-at-the-2007-peak-of-the-previous-housing-bubble\/\",\"name\":\"Homebuyers are taking on monthly payments 59% higher than at the 2007 peak of the previous housing bubble. \u2022 Seattle Bubble\",\"isPartOf\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/2023\/03\/17\/homebuyers-are-taking-on-monthly-payments-59-higher-than-at-the-2007-peak-of-the-previous-housing-bubble\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/2023\/03\/17\/homebuyers-are-taking-on-monthly-payments-59-higher-than-at-the-2007-peak-of-the-previous-housing-bubble\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2023\/03\/wide-view-of-a-dilapidated-craftsman-home-peeling-paint-broken-windows-holes-in-roof-on-a-Seattle-neighborhood-street-on-a-rainy-day.png\",\"datePublished\":\"2023-03-17T19:49:28+00:00\",\"author\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/#\/schema\/person\/7de7c0dd14bee1a2c67f7ce86bc4505f\"},\"breadcrumb\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/2023\/03\/17\/homebuyers-are-taking-on-monthly-payments-59-higher-than-at-the-2007-peak-of-the-previous-housing-bubble\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/seattlebubble.com\/blog\/2023\/03\/17\/homebuyers-are-taking-on-monthly-payments-59-higher-than-at-the-2007-peak-of-the-previous-housing-bubble\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/seattlebubble.com\/blog\/2023\/03\/17\/homebuyers-are-taking-on-monthly-payments-59-higher-than-at-the-2007-peak-of-the-previous-housing-bubble\/#primaryimage\",\"url\":\"https:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2023\/03\/wide-view-of-a-dilapidated-craftsman-home-peeling-paint-broken-windows-holes-in-roof-on-a-Seattle-neighborhood-street-on-a-rainy-day.png\",\"contentUrl\":\"https:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2023\/03\/wide-view-of-a-dilapidated-craftsman-home-peeling-paint-broken-windows-holes-in-roof-on-a-Seattle-neighborhood-street-on-a-rainy-day.png\",\"width\":1456,\"height\":816,\"caption\":\"wide view of a dilapidated craftsman home, peeling paint, broken windows, holes in roof, on a Seattle neighborhood street on a rainy day\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/seattlebubble.com\/blog\/2023\/03\/17\/homebuyers-are-taking-on-monthly-payments-59-higher-than-at-the-2007-peak-of-the-previous-housing-bubble\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/seattlebubble.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Homebuyers are taking on monthly payments 59% higher than at the 2007 peak of the previous housing bubble.\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/seattlebubble.com\/blog\/#website\",\"url\":\"https:\/\/seattlebubble.com\/blog\/\",\"name\":\"Seattle Bubble\",\"description\":\"local\u00a0real\u00a0estate\u00a0news, statistics,\u00a0and\u00a0commentary without\u00a0the\u00a0sales\u00a0spin.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/seattlebubble.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/seattlebubble.com\/blog\/#\/schema\/person\/7de7c0dd14bee1a2c67f7ce86bc4505f\",\"name\":\"The Tim\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/seattlebubble.com\/blog\/#\/schema\/person\/image\/37756956c11dcc50d2559761ffa5ee70\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/19e5770990a1681615608091b2de571b10c3e03bbac7d07bb2ae15297ee72fbc?s=96&d=retro&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/19e5770990a1681615608091b2de571b10c3e03bbac7d07bb2ae15297ee72fbc?s=96&d=retro&r=g\",\"caption\":\"The Tim\"},\"description\":\"Tim Ellis is the founder of Seattle Bubble. His background in engineering and computer \/ internet technology, a fondness of data-based analysis of problems, and an addiction to spreadsheets all influence his perspective on the Seattle-area real estate market. Tim also hosts the weekly improv comedy sci-fi podcast Dispatches from the Multiverse.\",\"sameAs\":[\"http:\/\/SeattleBubble.com\/\",\"http:\/\/facebook.com\/is.totally.pointless\",\"https:\/\/x.com\/The_Tim\"],\"url\":\"https:\/\/seattlebubble.com\/blog\/author\/timothyellis\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Homebuyers are taking on monthly payments 59% higher than at the 2007 peak of the previous housing bubble. \u2022 Seattle Bubble","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/seattlebubble.com\/blog\/2023\/03\/17\/homebuyers-are-taking-on-monthly-payments-59-higher-than-at-the-2007-peak-of-the-previous-housing-bubble\/","twitter_card":"summary_large_image","twitter_title":"Homebuyers are taking on monthly payments 59% higher than at the 2007 peak of the previous housing bubble. \u2022 Seattle Bubble","twitter_description":"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: It's up dramatically from just a year prior, and 59% higher than what we saw at the peak of the previous housing bubble\u2026","twitter_image":"https:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2023\/03\/wide-view-of-a-dilapidated-craftsman-home-peeling-paint-broken-windows-holes-in-roof-on-a-Seattle-neighborhood-street-on-a-rainy-day.png","twitter_creator":"@The_Tim","twitter_site":"@SeattleBubble","twitter_misc":{"Written by":"The Tim","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/seattlebubble.com\/blog\/2023\/03\/17\/homebuyers-are-taking-on-monthly-payments-59-higher-than-at-the-2007-peak-of-the-previous-housing-bubble\/","url":"https:\/\/seattlebubble.com\/blog\/2023\/03\/17\/homebuyers-are-taking-on-monthly-payments-59-higher-than-at-the-2007-peak-of-the-previous-housing-bubble\/","name":"Homebuyers are taking on monthly payments 59% higher than at the 2007 peak of the previous housing bubble. \u2022 Seattle Bubble","isPartOf":{"@id":"https:\/\/seattlebubble.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/seattlebubble.com\/blog\/2023\/03\/17\/homebuyers-are-taking-on-monthly-payments-59-higher-than-at-the-2007-peak-of-the-previous-housing-bubble\/#primaryimage"},"image":{"@id":"https:\/\/seattlebubble.com\/blog\/2023\/03\/17\/homebuyers-are-taking-on-monthly-payments-59-higher-than-at-the-2007-peak-of-the-previous-housing-bubble\/#primaryimage"},"thumbnailUrl":"https:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2023\/03\/wide-view-of-a-dilapidated-craftsman-home-peeling-paint-broken-windows-holes-in-roof-on-a-Seattle-neighborhood-street-on-a-rainy-day.png","datePublished":"2023-03-17T19:49:28+00:00","author":{"@id":"https:\/\/seattlebubble.com\/blog\/#\/schema\/person\/7de7c0dd14bee1a2c67f7ce86bc4505f"},"breadcrumb":{"@id":"https:\/\/seattlebubble.com\/blog\/2023\/03\/17\/homebuyers-are-taking-on-monthly-payments-59-higher-than-at-the-2007-peak-of-the-previous-housing-bubble\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/seattlebubble.com\/blog\/2023\/03\/17\/homebuyers-are-taking-on-monthly-payments-59-higher-than-at-the-2007-peak-of-the-previous-housing-bubble\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/seattlebubble.com\/blog\/2023\/03\/17\/homebuyers-are-taking-on-monthly-payments-59-higher-than-at-the-2007-peak-of-the-previous-housing-bubble\/#primaryimage","url":"https:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2023\/03\/wide-view-of-a-dilapidated-craftsman-home-peeling-paint-broken-windows-holes-in-roof-on-a-Seattle-neighborhood-street-on-a-rainy-day.png","contentUrl":"https:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2023\/03\/wide-view-of-a-dilapidated-craftsman-home-peeling-paint-broken-windows-holes-in-roof-on-a-Seattle-neighborhood-street-on-a-rainy-day.png","width":1456,"height":816,"caption":"wide view of a dilapidated craftsman home, peeling paint, broken windows, holes in roof, on a Seattle neighborhood street on a rainy day"},{"@type":"BreadcrumbList","@id":"https:\/\/seattlebubble.com\/blog\/2023\/03\/17\/homebuyers-are-taking-on-monthly-payments-59-higher-than-at-the-2007-peak-of-the-previous-housing-bubble\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/seattlebubble.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Homebuyers are taking on monthly payments 59% higher than at the 2007 peak of the previous housing bubble."}]},{"@type":"WebSite","@id":"https:\/\/seattlebubble.com\/blog\/#website","url":"https:\/\/seattlebubble.com\/blog\/","name":"Seattle Bubble","description":"local\u00a0real\u00a0estate\u00a0news, statistics,\u00a0and\u00a0commentary without\u00a0the\u00a0sales\u00a0spin.","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/seattlebubble.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/seattlebubble.com\/blog\/#\/schema\/person\/7de7c0dd14bee1a2c67f7ce86bc4505f","name":"The Tim","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/seattlebubble.com\/blog\/#\/schema\/person\/image\/37756956c11dcc50d2559761ffa5ee70","url":"https:\/\/secure.gravatar.com\/avatar\/19e5770990a1681615608091b2de571b10c3e03bbac7d07bb2ae15297ee72fbc?s=96&d=retro&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/19e5770990a1681615608091b2de571b10c3e03bbac7d07bb2ae15297ee72fbc?s=96&d=retro&r=g","caption":"The Tim"},"description":"Tim Ellis is the founder of Seattle Bubble. His background in engineering and computer \/ internet technology, a fondness of data-based analysis of problems, and an addiction to spreadsheets all influence his perspective on the Seattle-area real estate market. Tim also hosts the weekly improv comedy sci-fi podcast Dispatches from the Multiverse.","sameAs":["http:\/\/SeattleBubble.com\/","http:\/\/facebook.com\/is.totally.pointless","https:\/\/x.com\/The_Tim"],"url":"https:\/\/seattlebubble.com\/blog\/author\/timothyellis\/"}]}},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2023\/03\/wide-view-of-a-dilapidated-craftsman-home-peeling-paint-broken-windows-holes-in-roof-on-a-Seattle-neighborhood-street-on-a-rainy-day.png","jetpack_shortlink":"https:\/\/wp.me\/p6wh0F-rCo","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/posts\/106168","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/comments?post=106168"}],"version-history":[{"count":2,"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/posts\/106168\/revisions"}],"predecessor-version":[{"id":106172,"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/posts\/106168\/revisions\/106172"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/media\/106170"}],"wp:attachment":[{"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/media?parent=106168"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/categories?post=106168"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/tags?post=106168"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/coauthors?post=106168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}