average income of homeowners Average Household Budget – ValuePenguin – The average income in the U.S., by household, Homeowners pay an average of $9,552 per year (nearly $800 per month) on mortgage interest, property taxes and other expenses such as maintenance, repairs and homeowners insurance . The average mortgage payment also includes an additional amount.
Getting a loan with a shorter term can raise your monthly payment, but it can decrease the total amount you pay over the life of the loan. For example, for that same $200,000 house with a 4.33 percent interest rate, your monthly payment for a 15-year loan would be $1,512.67, but you would only pay $72,280.12 in interest.
Including down-payment assistance, the houses could be available to those earning between 60% and 80% percent of the area.