Home Mortgage Crisis 2022

The U.S. housing market is entering another mortgage crisis in 2022. Particularly in cities where down payments and mortgage payments have spiked to levels even higher than the 2007 housing bubble.

A mortgage crisis occurs when home buyers cannot fundamentally afford the 1) Down Payments and 2) Ongoing Mortgage Payments for the loans they’re using to buy homes. America had a big mortgage crisis in the mid-2000s Housing Bubble which eventually led to the largest Housing Crash of all-time.

Such a situation is beginning to occur in certain cities throughout America’s Housing Market, namely:

Los Angeles, CA: 37% growth in the down payment over the last 15 years is fairly high considering how big of a bubble LA’s Real Estate Market was in the last Bubble. But fortunately mortgage payments are still relatively reasonable.

Austin, TX: with 152% growth in the typical down payment over the last 15 years, to ago along with a 76% increase in the mortgage payment, Austin’s Real Estate Market is in arguably the largest Housing Bubble in America.

Dallas, TX: lots of cities in Texas on this list. Dallas has experienced a 112% increase in down payments from 2007 to 20201, while the mortgage payment has gone up 49%. Dallas also still builds a ton of new homes and apartments.

Boise, ID: 132% down payment growth to go along with 62% increase in mortgage payments. Boise, right next to Austin, is in the largest Housing Bubble in America. And prices have already started to trend down the last several months.

Salt Lake City, UT: 114% increase in down payments along with a 50% increase in mortgage payments since the last Bubble. What’s even more concerning is that Salt Lake also got hit hard in the last crash. Meaning it could get hit even harder in the next crash, starting in 2022.

But not all cities are like this. Some markets are actually cheaper today in inflation-adjusted terms than they were back in 2007.

Baltimore, Washington DC, and Chicago are markets that have become cheaper, especially in relation to mortgage payments and local wages. These cities are less of a likelihood of a crash.

Home Mortgage Crisis 2022

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