New home

One area that inflation hurts the most is in the cost of a home. Just three years ago in 2020 the average home in the US cost $329,000 and the interest rate on a 30 years loan was 2.68%. Today the average home cost $416,000 and the 30 year rate is 7%. This is the difference between a monthly principal and interest charge of $1,331 vs $2,768. The cost of a home for the average person has doubled in three years. Anyone who has tried to build a new home recently understands fully how the cost of material have risen