Home values are increasing across the country and interest rates are likely to rise in the next year. That means buying a home is going to get more expensive. But how much more expensive?
To find out, Zillow calculated the difference in monthly payments on the same house purchased today and a year from now. We assumed home values would increase and added 1 percentage point to today’s mortgage rate.
In some markets, waiting a year won’t cost you much. But in others, putting off a purchase for a year could cost you hundreds of dollars every month. We found the 10 markets where waiting a year would be most expensive because of rising home values and interest rates. Here’s a look at each and what the cost difference would be in a home for sale there.
Editor’s note: These homes were listed for sale as of this story’s August 2014 publication, according to information supplied from Zillow.
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