{"id":79677,"date":"2025-04-30T05:00:37","date_gmt":"2025-04-30T12:00:37","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=79677"},"modified":"2025-04-29T12:57:56","modified_gmt":"2025-04-29T19:57:56","slug":"monthly-mortgage-payments-falling-12-metros","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/monthly-mortgage-payments-falling-12-metros\/","title":{"rendered":"Monthly Mortgage Payments Are Falling in 12 of the 50 Most Populous U.S. Metros, Mostly in the Bay Area, Florida and Texas"},"content":{"rendered":"

Monthly mortgage payments are declining in some parts of the country as homebuying demand slows amid widespread economic uncertainty. The silver lining for buyers in those places: They have some negotiating power.\u00a0<\/span><\/i><\/p>\n

Monthly mortgage payments are declining in 12 of the 50 most populous U.S. metro areas, half of them in Florida or Texas.<\/span><\/p>\n

The typical homebuyer in Jacksonville, FL<\/a> had a monthly mortgage payment of $2,482 in March, down 4.2% from a year earlier\u2014the biggest decline among the metros in this analysis. The next-biggest declines were in the Bay Area: San Francisco<\/a>, with a 3.5% decline to $10,054, and Oakland<\/a>, with a 2% decline to $6,638.\u00a0<\/span><\/p>\n

Other West Coast metros including Seattle<\/a> and Portland, OR<\/a> are also among the places where monthly mortgage payments are falling, as are three more Florida metros and a pair of Texas metros.\u00a0<\/span><\/p>\n

\"\" <\/picture><\/p>\n

This is from a Redfin analysis of the 50 most populous U.S. metro areas. We used the local median home-sale price for each metro area and the average 30-year fixed mortgage rate for March 2025 (6.65%). Additionally, we used a 15% down payment across all metros, a fixed insurance estimate of 0.5% of the local median sale price, and a private mortgage insurance estimate of 0.3% of the local median sale price. For property taxes, we used local median rates for all metro areas except Chicago, Detroit, Indianapolis and West Palm Beach, where we assumed a 1.25% property-tax rate rather than the local average to ensure data accuracy.\u00a0<\/span><\/p>\n

Monthly mortgage payments fell from a year earlier in those 12 places mainly because mortgage rates declined and local home-sale prices either declined or stayed flat. The average 30-year fixed mortgage rate was 6.65% in March, down from 6.82% a year earlier. (Note that mortgage rates increased a bit in April.) The median home-sale price either declined or stayed flat year over year in nine of those metros: Jacksonville, San Francisco, West Palm Beach, Austin, Dallas, Oakland, Tampa, Orlando, and Portland, OR. The median home-sale price rose by less than 1% year over year in the other three metros: Seattle, Nashville and Denver.\u00a0<\/span><\/p>\n

Prices came down in those places because demand has slowed: Many would-be buyers are <\/span>backing off<\/span><\/a> due to widespread economic instability, including <\/span>new tariffs<\/span><\/a> and the increasing odds of a recession, and still-high mortgage rates.\u00a0<\/span><\/p>\n

\u201cI recently had a client who was looking at a single-family home that had been sitting on the market. I told him, \u2018you\u2019re in the driver\u2019s seat; now is your chance to get a deal on a house in a neighborhood where you\u2019d normally never get a deal,\u2019\u201d said <\/span>Ali Mafi<\/span><\/a>, a Redfin Premier agent in San Francisco. \u201cBuyers are having luck negotiating because many of the people who need to sell now\u2013those who are relocating, for example\u2013are anxious and eager to sell quickly, before the economy potentially gets even more uncertain.\u201d<\/span><\/p>\n

Monthly mortgage payments are increasing most in parts of the Rust Belt and the Northeast<\/h3>\n

 <\/p>\n

In Cleveland, the typical homebuyer locked in a $1,687 monthly payment in March, up 9.3% year over year\u2013the biggest increase of the 50 most populous U.S. metros.\u00a0<\/span><\/p>\n

Next come four East Coast metros, three of them in the greater New York City area: Newark, NJ, where the median monthly payment rose 6.7% to $4,485, Providence, RI, (5.6% to $3,451), Nassau County, NY (5.4% to $5,189) and New Brunswick, NJ (5.1% to $4,061).\u00a0<\/span><\/p>\n

\"\" <\/picture><\/p>\n

In addition to Cleveland, three other Rust Belt metros are among the places where monthly mortgage payments are increasing most.\u00a0<\/span><\/p>\n

Monthly mortgage payments are rising in those places mainly because they\u2019re among the metros where home <\/span>prices <\/span><\/i>grew most. And prices are rising in those places for two main reasons: There\u2019s enough local demand to support high prices, and, in the case of the Rust Belt metros, housing expenses are low enough that there\u2019s room to grow.\u00a0\u00a0<\/span><\/p>\n

California is the least affordable place in the country to buy a home<\/h3>\n

 <\/p>\n

While the Bay Area is among the places where monthly mortgage payments are declining, it\u2019s still the most expensive part of the U.S. to buy a home\u2013by far. In San Jose, the median monthly payment is $10,825, the highest in the country, followed closely by San Francisco, where it\u2019s $10,054.\u00a0<\/span><\/p>\n

Three other California metro areas round out the top five: Anaheim ($7,937), Oakland ($6,638) and Los Angeles ($6,169).<\/span><\/p>\n

Just because homes cost more in California than anywhere else in the country doesn\u2019t necessarily mean it\u2019s the <\/span>least<\/span><\/i> affordable <\/span><\/i>place in the country. That\u2019s because median incomes differ from metro to metro; the typical Bay Area household, for instance, earns roughly twice as much as the typical Indianapolis household.\u00a0<\/span><\/p>\n

But taking median local incomes into account, California actually <\/span>is<\/span><\/i> the least affordable place to buy a home. That\u2019s because home prices have increased faster than earnings.\u00a0<\/span><\/p>\n

In Los Angeles, a family earning the median household income of $96,509 would need to spend 77% of that to pay the median monthly mortgage payment, the highest share of any major metro. Next come four other California metros: Anaheim, where a household earning the median income of $125,038 would spend 76% of that on the median-priced home, San Jose ($173,698, 75%), San Francisco ($163,089, 74%) and San Diego ($112,482, 65%).\u00a0<\/span><\/p>\n

The Rust Belt is the most affordable place in the country to buy a home<\/h3>\n

 <\/p>\n

Homebuyers in Detroit locked in the lowest monthly mortgage payments in the U.S. in March, with a median of $1,290. Next come four other Rust Belt metro areas: Pittsburgh ($1,685), Cleveland ($1,687), St. Louis ($1,831) and Philadelphia ($1,998).\u00a0<\/span><\/p>\n

Four of those five metros are also the <\/span>most affordable <\/span><\/i>places to buy a home when taking local incomes into account. A Detroit family earning the typical household income of $65,455 would spend 23% of that on the median monthly payment, the lowest share of any metro. Next come Pittsburgh ($82,363, 25%), St. Louis ($87,657, 25%), Cleveland ($77,076, 26%) and Indianapolis ($89,007, 26%).\u00a0<\/span><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Metro Summary: Median Monthly Mortgage Payment, March 2025<\/b><\/p>\n

50 most populous U.S. metro areas for which we have sufficient data<\/span><\/i><\/p>\n

Assuming 15% down payment<\/span><\/i><\/td>\n<\/tr>\n

U.S. metro area<\/b><\/td>\nMedian monthly mortgage payment<\/b><\/td>\nMedian monthly mortgage payment, YoY change<\/b><\/td>\n<\/tr>\n
Anaheim, CA\u00a0<\/span><\/td>\n$7,937<\/span><\/td>\n3.2%<\/span><\/td>\n<\/tr>\n
Atlanta, GA\u00a0<\/span><\/td>\n$2,712<\/span><\/td>\n0.1%<\/span><\/td>\n<\/tr>\n
Austin, TX\u00a0<\/span><\/td>\n$3,432<\/span><\/td>\n-1.1%<\/span><\/td>\n<\/tr>\n
Baltimore, MD\u00a0<\/span><\/td>\n$2,618<\/span><\/td>\n2.3%<\/span><\/td>\n<\/tr>\n
Boston, MA\u00a0<\/span><\/td>\n$5,046<\/span><\/td>\n1.2%<\/span><\/td>\n<\/tr>\n
Charlotte, NC\u00a0<\/span><\/td>\n$2,694<\/span><\/td>\n1.7%<\/span><\/td>\n<\/tr>\n
Chicago, IL<\/span><\/td>\n$2,579<\/span><\/td>\n4.8%<\/span><\/td>\n<\/tr>\n
Cincinnati, OH\u00a0<\/span><\/td>\n$2,035<\/span><\/td>\n2.9%<\/span><\/td>\n<\/tr>\n
Cleveland, OH\u00a0<\/span><\/td>\n$1,687<\/span><\/td>\n9.3%<\/span><\/td>\n<\/tr>\n
Columbus, OH\u00a0<\/span><\/td>\n$2,411<\/span><\/td>\n1.5%<\/span><\/td>\n<\/tr>\n
Dallas, TX\u00a0<\/span><\/td>\n$3,183<\/span><\/td>\n-1.0%<\/span><\/td>\n<\/tr>\n
Denver, CO\u00a0<\/span><\/td>\n$3,924<\/span><\/td>\n-0.5%<\/span><\/td>\n<\/tr>\n
Detroit, MI\u00a0<\/span><\/td>\n$1,290<\/span><\/td>\n0.4%<\/span><\/td>\n<\/tr>\n
Fort Lauderdale, FL\u00a0<\/span><\/td>\n$3,193<\/span><\/td>\n0.9%<\/span><\/td>\n<\/tr>\n
Fort Worth, TX\u00a0<\/span><\/td>\n$2,723<\/span><\/td>\n0.7%<\/span><\/td>\n<\/tr>\n
Houston, TX\u00a0<\/span><\/td>\n$2,609<\/span><\/td>\n2.4%<\/span><\/td>\n<\/tr>\n
Indianapolis, IN\u00a0<\/span><\/td>\n$2,170<\/span><\/td>\n1.3%<\/span><\/td>\n<\/tr>\n
Jacksonville, FL\u00a0<\/span><\/td>\n$2,482<\/span><\/td>\n-4.2%<\/span><\/td>\n<\/tr>\n
Kansas City, MO\u00a0<\/span><\/td>\n$2,258<\/span><\/td>\n3.4%<\/span><\/td>\n<\/tr>\n
Las Vegas, NV\u00a0<\/span><\/td>\n$2,920<\/span><\/td>\n2.6%<\/span><\/td>\n<\/tr>\n
Los Angeles, CA\u00a0<\/span><\/td>\n$6,169<\/span><\/td>\n4.1%<\/span><\/td>\n<\/tr>\n
Miami, FL\u00a0<\/span><\/td>\n$3,909<\/span><\/td>\n1.2%<\/span><\/td>\n<\/tr>\n
Milwaukee, WI\u00a0<\/span><\/td>\n$2,299<\/span><\/td>\n4.8%<\/span><\/td>\n<\/tr>\n
Minneapolis, MN\u00a0<\/span><\/td>\n$2,671<\/span><\/td>\n1.6%<\/span><\/td>\n<\/tr>\n
Montgomery County, PA\u00a0<\/span><\/td>\n$3,347<\/span><\/td>\n1.5%<\/span><\/td>\n<\/tr>\n
Nashville, TN\u00a0<\/span><\/td>\n$3,010<\/span><\/td>\n-0.3%<\/span><\/td>\n<\/tr>\n
Nassau County, NY\u00a0<\/span><\/td>\n$5,189<\/span><\/td>\n5.4%<\/span><\/td>\n<\/tr>\n
New Brunswick, NJ\u00a0<\/span><\/td>\n$4,061<\/span><\/td>\n5.1%<\/span><\/td>\n<\/tr>\n
New York, NY\u00a0<\/span><\/td>\n$5,351<\/span><\/td>\n3.6%<\/span><\/td>\n<\/tr>\n
Newark, NJ\u00a0<\/span><\/td>\n$4,485<\/span><\/td>\n6.7%<\/span><\/td>\n<\/tr>\n
Oakland, CA\u00a0<\/span><\/td>\n$6,638<\/span><\/td>\n-2.0%<\/span><\/td>\n<\/tr>\n
Orlando, FL\u00a0<\/span><\/td>\n$2,782<\/span><\/td>\n-0.3%<\/span><\/td>\n<\/tr>\n
Philadelphia, PA\u00a0<\/span><\/td>\n$1,998<\/span><\/td>\n3.6%<\/span><\/td>\n<\/tr>\n
Phoenix, AZ\u00a0<\/span><\/td>\n$3,017<\/span><\/td>\n0.5%<\/span><\/td>\n<\/tr>\n
Pittsburgh, PA\u00a0<\/span><\/td>\n$1,685<\/span><\/td>\n3.7%<\/span><\/td>\n<\/tr>\n
Portland, OR\u00a0<\/span><\/td>\n$3,746<\/span><\/td>\n-1.0%<\/span><\/td>\n<\/tr>\n
Providence, RI\u00a0<\/span><\/td>\n$3,451<\/span><\/td>\n5.6%<\/span><\/td>\n<\/tr>\n
Riverside, CA\u00a0<\/span><\/td>\n$4,018<\/span><\/td>\n2.1%<\/span><\/td>\n<\/tr>\n
Sacramento, CA\u00a0<\/span><\/td>\n$4,056<\/span><\/td>\n2.0%<\/span><\/td>\n<\/tr>\n
San Antonio, TX\u00a0<\/span><\/td>\n$2,390<\/span><\/td>\n0.7%<\/span><\/td>\n<\/tr>\n
San Diego, CA\u00a0<\/span><\/td>\n$6,102<\/span><\/td>\n0.9%<\/span><\/td>\n<\/tr>\n
San Francisco, CA\u00a0<\/span><\/td>\n$10,054<\/span><\/td>\n-3.5%<\/span><\/td>\n<\/tr>\n
San Jose, CA\u00a0<\/span><\/td>\n$10,825<\/span><\/td>\n0.1%<\/span><\/td>\n<\/tr>\n
Seattle, WA\u00a0<\/span><\/td>\n$5,633<\/span><\/td>\n-0.8%<\/span><\/td>\n<\/tr>\n
St. Louis, MO\u00a0<\/span><\/td>\n$1,831<\/span><\/td>\n4.7%<\/span><\/td>\n<\/tr>\n
Tampa, FL\u00a0<\/span><\/td>\n$2,554<\/span><\/td>\n-0.6%<\/span><\/td>\n<\/tr>\n
Virginia Beach, VA\u00a0<\/span><\/td>\n$2,390<\/span><\/td>\n0.2%<\/span><\/td>\n<\/tr>\n
Warren, MI\u00a0<\/span><\/td>\n$2,137<\/span><\/td>\n2.0%<\/span><\/td>\n<\/tr>\n
Washington, DC\u00a0<\/span><\/td>\n$4,023<\/span><\/td>\n3.1%<\/span><\/td>\n<\/tr>\n
West Palm Beach, FL<\/span><\/td>\n$3,643<\/span><\/td>\n-1.6%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

Monthly mortgage payments are declining in some parts of the country as homebuying demand slows amid widespread economic uncertainty. The silver lining for buyers in those places: They have some negotiating power.\u00a0 Monthly mortgage payments are declining in 12 of the 50 most populous U.S. metro areas, half of them in Florida or Texas. The […]<\/p>\n","protected":false},"author":13153,"featured_media":79693,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[27,8],"tags":[20],"dashboard":[],"coauthors":[124],"class_list":["post-79677","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability","category-housing-market-news","tag-housing-affordability"],"acf":[],"yoast_head":"\nMonthly Mortgage Payments Are Falling in 12 of the 50 Most Populous U.S. Metros, Mostly in the Bay Area, Florida and Texas<\/title>\n<meta name=\"description\" content=\"Monthly mortgage payments are declining in some parts of the country as homebuying demand slows amid widespread economic uncertainty. 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