NMP - April 2017 - 29

National Median Rent
Price Records Two-Dollar
Increase

Rent prices nationwide saw the
slightest of upticks, rising by
about $2, or 0.2 percent,
according to new data from
ABODO. The median price for
a one-bedroom apartment is
now $1,005; as of this month,
national rents dropped by 1.08
percent since January.
For the second consecutive
month, the New Orleans
market recorded the greatest
increase-this time, with a 12
percent increase in the median
one-bedroom rent up to
$1,180. San Francisco
recorded the most expensive
rent-$3,415 on a onebedroom unit-but that price
was actually down 1.45
percent from March.
Fort Wayne, Ind., saw the
greatest rental price decrease:
a drop from $595 for a onebedroom unit in March to $537
in April, a 9.8 percent dip.
Philadelphia experienced an
eight percent decline in onebedroom unit rents, from
$1,102 last month to $1,023
today.

payment, with the premium on
moving up exceeding $1,600-
but in the Midwest, move-up
buyers in such metros as
Chicago, Cincinnati and St.
Louis can expect to spend just
$150, while buyers in
Cleveland would only pay an
extra $74 per month.
Of course, an extra bedroom
usually requires another
bathroom, and Zillow estimates
that this additional space can
cost buyers between $386 and
$838 extra a month.
"While deciding whether to
move is a personal choice,
understanding how certain

characteristics like size,
location, or number of beds
and baths, can impact a
home's price can be hugely
important when determining if
a particular home is the right fit
for you and your family," said
Svenja Gudell, Zillow chief
economist. "Even though many
families may be prepared to
spend extra for a larger home,
just how much more may come
as a surprise, especially for
those living in coastal
markets."
Your turn
National Mortgage Professional

Magazine invites you to submit
any information on regulatory
changes, legislative updates,
human interest stories or any
other newsworthy items
pertaining to the mortgage
industry to the attention of:
NMP News Flash column
Phone #: (516) 409-5555
E-mail:
newsroom@nmpmediacorp.com
Note: Submissions sent via email are preferred. The
deadline for submissions is the
1st of the month prior to the
target issue.

29

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n National Mortgage Professional Magazine n APRIL 2017

A warning to growing and
potentially-growing families:
Upgrading from a twobedroom home to a threebedroom residence can,
depending on your location,
increase your monthly
mortgage payment by as much
as 50 percent.
According to new data from
Zillow, families can expect to
spend $447 extra on their
monthly mortgage payment if
they move from a twobedroom home to a threebedroom residence. In pricey
housing markets such as San
Francisco and San Jose,
families can expect to nearly
double their monthly mortgage


http://www.NationalMortgageProfessional.com

Table of Contents for the Digital Edition of NMP - April 2017

Contents
NMP - April 2017 - Cover1
NMP - April 2017 - Cover2
NMP - April 2017 - 1
NMP - April 2017 - Contents
NMP - April 2017 - 3
NMP - April 2017 - 4
NMP - April 2017 - 5
NMP - April 2017 - 6
NMP - April 2017 - 7
NMP - April 2017 - 8
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