GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you’re free to read more about oureditorial guidelinesand our products and servicesreview methodology.
If so, youre in good company with other American homeowners.
It may help you better see how youre doing if you compare yourself to other homeowners and their mortgages.
Heres a look at the average paymentfor each generation.
Average Payments and Balances
Heres a look at the average monthly mortgage payment by generation.
That statistic shows some of the impacts of elevated rates and home prices still quite high.
Gen X still has the highest monthly payment, but millennials are set to take over soon.
Lowering Your Costs
Housing costs can eat up a significant portion of a budget.
Refinancing may be the option you think of immediately when it comes to lowering your mortgage payments.
You might have had to take this out when you set up your mortgage.
You may be able to save some money as a homeowner by recasting your mortgage.
With a smaller balance, youll owe less in interest and pay less each month.
Lets look at a few other options you may want to check out to lower your housing costs.
First, you’re free to search for cheaper home insurance.
Second, it may be possible for you to secure aloan modification or forbearance.
The numbers show that homeowners of every generation may be struggling with their budgets and finances.
More From GOBankingRates
Share This Article:
