U.S. mortgage payments as a share of income just hit a 7-year high

Mortgage payments make up the biggest chunk of U.S. homeowners’ income since 2010.

The average monthly mortgage payment made up 15.8% of buyers’ income in the fourth quarter of last year, according to real estate website Zillow Z, +0.57% , the biggest share of homeowner income since the second quarter of 2010, thanks to rising interest rates and increasing home values. The average monthly payment was $758 at the end of last year, up from $690 in 2015. Though it’s still not quite as bad as the national average of 21% between 1985 to 2000. “This is a phenomenon that really affects homebuyers a whole lot more,” said Svenja Gudell, chief economist at Zillow.

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