Hancen Sale, the Government Affairs and Policy Director of the Knoxville Area Association of Realtors, said the median principal and interest payment has increased from around $1,214 in 2020 and 2021 — to $2,306.97 as of November 2022.

Both Trotta and Sale said it's become more difficult for people who live in Knoxville to afford new houses. Sale said you have to make around $74,000 a year to afford a median-priced house in Knoxville, assuming you're able to put 20% down.

Average mortgage payment for Knoxville listings increases by almost $1,000 a month

bizgrrl's picture

I calculated payments for

I calculated payments for $300,000, $425, 000, and $450,000 homes and not once did I come up with a difference in payment of $1,000. I used 20% down and 5% down along with 6.88% interest and 3.88% interest.

I did come up with differences of $448 up to $754. If I work at it I may be able to come up with a $1,000 difference in payment.

Note that slowly housing prices are going down. The $300,000 house might be priced at $188,000 now or very soon.

I remember in the early eighties, I believe, people were paying 17% interest on their mortgages. We can only hope it doesn't get that bad again.

As was mentioned in the article, people that come from states with much higher housing costs are willing to pay the higher prices for houses here. To them the prices are low compared to where they came from. Can cause a problem for locals. However, when we lived in the Orlando area in the 80s and 90s we had thousands of people moving in from higher cost places and it really didn't cause housing prices to go up that much.

My concern is more for those renting. Rental prices appear to be sky high, but I have nothing to back it up.

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