It is not just the price of a home that’s out of reach for most people.
There is a growing concern that the cost of housing is spiraling out of control.
In fact, according to the Mortgage Bankers Association, only 3% of homebuyers are paying more than their fair share of mortgages.
And the median amount of monthly payments for a home is just $1,900, according a report by the National Association of Realtors.
Millers ale house in Northport, Maine, is a great example of what is going on.
The building, which sits on top of a mountain in North Portland, Maine was purchased in 2011 and recently came on the market for $5.2 million.
I had a dream, Millers Ale House owner, Chris Millers, told The Associated Press.
When I first saw the ad for the property, I was intrigued, but after a little research, I knew that the building wasn’t for sale.
This is a historic building, Millars owner said.
Its only going to get more historic in the years to come.
A typical homeowner spends about $25,000 a year on a home, according the National Assn.
of Realty & Finance.
“The median annual home price is about $200,000, but the average household income is less than $75,000,” said Tom Stoll, executive vice president of research at REALTOR.com.
As the cost continues to soar, the cost for most Americans to purchase their first home has also skyrocketed.
The average cost for a new home in the U.S. has more than doubled in the past 20 years, according U.N. figures.
Millers said the smart house concept will help him and other homeowners move more in-between paying their mortgage and paying for a down payment.
He’s even looking into investing in his home.
But it’s not just people buying homes that are being priced out of the market.
New York state’s median home price dropped $6,500 last year to $6.2 billion.
The median price for a condominium increased $4,700 last year, to $7.8 million.
In addition, a study by the Institute for Housing Studies said the number of buyers who had to pay down their mortgage has increased by nearly 50% since 2009.
The study said that while the average loan balance was $1.3 million, the average amount of loan payments increased by about $1 billion.
In Michigan, a house sold in 2014 for $8.3 and a new house sold for $12.3.
More than 20% of buyers in the state are in arrears on their mortgage payments, according Toomer’s Market Report.
And just in the last year alone, more than 4 million homeowners have been foreclosed on.
That includes 1.1 million foreclosed homes.
“It’s not about having a big house in a nice neighborhood, it’s about having enough money to pay off your mortgage and get into a nice place to live,” Millers said.