According to Zillow, U.S. homeowners that bought a two-bedroom home in 2009 and wanted to upgrade to a three-bedroom home in 2016 could expect to spend an additional $447 per month on their mortgage. Move-up buyers in many large Midwest markets could also expect to stretch their dollars further; for example, in Chicago, Cincinnati, and St. Louis, buyers can expect to spend approximately $150 more on mortgage payments each month by upgrading from a two-bedroom home to a three-bedroom home. In hot coastal markets such as Los Angeles and San Francisco, buyers could spend more than $1,000 extra per month.
Advertisement
Related Stories
Sales
Sales and Texting? Know the Rules
Texting your sales prospects en masse can be an efficient way to get your message through if you follow these best practices
Affordability
Will NAR's Landmark Commissions Settlement Lower Housing Costs?
The $418 million deal changes long-standing rules—written and unwritten—that consumers claim inflated sales commissions for home sellers, including new-home builders
Market Data + Trends
January's Mortgage Rate Dip Prompts Some Thawing of the Housing Market
A drop in mortgage rates from recent peaks nudged more homebuyers and sellers into the market, signaling the start of greater supply and demand