Housing costs syrocketing!

NBC's Rory O'Neill reports that people are paying higher costs for housing than ever before!

Episode Transcript

Speaker 1 (00:00):
Six forty five on a Friday morning. Thank you for
spending a couple of moments with us. I appreciate it
very much. Mike Elliott, Columbus's morning news Our Daily Check
in NBC News Radio, Rory O'Neil. The story is a
new report, Rory, that people are paying more for housing
than ever before. Now, are these like people buying new homes?
Are they building homes and these rentals? What's the story?

Speaker 2 (00:21):
This would be, well, not rentals, So this is all
about people who are buying new homes within the past year.
And then when you add up the housing costs, it's
about two eight hundred dollars per month on average, so
pretty stunning number there for a monthly payment. And it
is something that is up about three percent or so
from the year before to this record territory. But the

(00:42):
housing market is still really in flux. I'm looking at
these numbers from Redtin that show actually Columbus is one
of the more active markets with pending sales up about
one percent year over year. And you know Cleveland, actually
they're seeing the median sale price of a home in
Cleveland is actually up more than eleven percent year over year,
so a lot of people may feel priced out right

(01:04):
there in the home state.

Speaker 1 (01:05):
And this is is this all in? Is this your
monthly mortgage? Is this the cost of home ownership and
maintenance and everything all in? Or is it just like
your monthly mortgage?

Speaker 2 (01:14):
Is just your monthly mortgage payment?

Speaker 1 (01:16):
All right?

Speaker 2 (01:17):
All right?

Speaker 1 (01:17):
And what are they attributing Is it just interest rates?
What are they attributing this to?

Speaker 2 (01:22):
Well, it's a one two punch. The prices of the
homes keep climbing, and those mortgage rates are much higher
than they work or have been historically for the past
twenty years or so. We're seeing the rates topped out
over seven percent on average back in January. They have
come down a bit, but a lot of buyers are
being told, look, if you see a house that you
like and it's in your budget, don't sweat the mortgage rate.

(01:45):
Just go buy it. This is their advice, not mine.
You should just go buy it and when the rates
come down, you can try to refinance this later.

Speaker 1 (01:52):
How you doing in How you doing in Florida? I
want to come down to be your neighbor in Orlando?
What am I looking at there? You know?

Speaker 2 (02:00):
We had actually seen some prices come down in places
like Jacksonville and Tampa year over year, and you know
pretty you know, like a four percent drop off in Jacksonville.
One thing scaring homeowners away in Florida, or two things,
but mostly homeowners insurance, which has gotten to be ridiculous.
You know, you have to budget about eight hundred or
one thousand dollars a month for your insurance on average.

(02:24):
And then a lot of these condos, remember that condo
collapsed in the serf side a couple years ago. That's
really jacked up a lot of the maintenance fees and
requirements for buying into a condo. That's also scaring off
a lot of would be buyers. They're getting these assessments saying, hey,
we have to repair the elevators and the roofs. So
you're all chipping in one hundred and fifteen thousand dollars,

(02:44):
So like, what now,