Another useful piece of information I found in the Census 2006 is the mortgage repayments statistics. Basically it tells us what we should expect to be paying on monthly bases. So the numbers are saying that the majority of the people who bought a house on mortgage are paying from $1050 to $2400 a month. In that range the most common repayments were broken into 5 groups:

1) $1,050–$1,199 a month
2) $1,200–$1,399 a month
3) $1,400–$1,599 a month
4) $1,600–$1,999 a month
5) $2,000–$2,399 a month

Within those 5 groups, most of the people (27 %) are paying from $1600 to $1999 a month, and the next most common payments are $1200 - $1399 and $1400 – $1599 a month: 20 % and 21 % of people respectively are paying that much. The highest and the lowest repayments are the least common – just 18% of people pay as much as $2,000–$2,399 a month and only 14 % pay as little as $1,050–$1,199 a month.

Related posts:

1. Mortgage broker – a great help when shopping for a loan When I saw how many lenders and mortgages are available...
2. What are my chances to own a house? Sometimes it really helps to see “the big picture” to...
3. How to buy a house - Part 1 House buying is a long process that seems to...
4. Homebuyers and Homeowners: they cut the interest rate again, how much we save? If you've been reading Homeiown for a while, you know...
5. Another interest rate cut - what’s in it for us? Even though I don't do news in Homeiown, yesterday's announcement...