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May 2022

Priced-out trend is real

May 2022

The priced-out phenomenon is real, explained internationally acclaimed economist and syndicated columnist Elliot Eisenberg, in a recent blog.

Dr. Eisenberg compared the median price of a house and interest rates in March 2021 and March 2022. In March 2021, the median price was $326,350 and the interest rate on a 30-year mortgage was 3.10%. A buyer who put 20% down would have a monthly payment, excluding taxes and property insurance of $1,115/mo.

 One year later (March2022) the price of that house is 15% higher ($375,300) and the interest rate has surged 61.3%, to 5.00%. The new mortgage payment is $1,612/month, an increase of $497/month.



Median Price

Interest Rate

Monthly Payment


Mar-21

Mar-22

Mar-21

Mar-22

Mar-21

Mar-22


$326,350

$375,300

3.10%

5.00%

$1,115

$1,612

% change

15%

61.30%

44.60%


Eisenberg, a former senior economist with the National Association of Home Builders, is chief economist for Graphsand Laughs, LLC in Miami. The firm consults with a variety of clients across the U.S. The popular presenter was the keynote speaker earlier this year at the Economic Forecast Breakfast of the Master Builders Association of King and Snohomish Counties.

Known as "the Bowtie Economist," Eisenberg has written a daily 70-word commentary on the economy since December 2010. It circulates at no charge to 20,000 subscribers. His Friday offering, "The Friday File," is described as "intentionally fun and lighthearted." Visit his website for subscription options.


Median Price

Interest Rate

Monthly Payment


Mar-21

Mar-22

Mar-21

Mar-22

Mar-21

Mar-22


$326,350

$375,300

3.10%

5.00%

$1,115

$1,612

% change

15%

61.30%

44.60%