The Hill — The cost of owning a home in 2018, including mortgage interest, is the most pricey part of a person’s life, according to a new study by the Center for American Progress.
The median price of a two-bedroom home rose by almost 25 percent in the past year.
The cost for a three-bedroom was up 15 percent.
The average cost of a four-bedroom rose 10 percent.
A growing number of Americans are paying more for their homes than ever before.
The Center for Responsible Lending, an organization focused on helping people afford to buy homes, published the findings of the 2017 survey Tuesday.
The findings were based on data from more than 8,000 households across the country.
Read more about how the cost of buying a home is growing.
Among the most costly expenses was housing.
The center found that the median cost of housing in 2018 was $52,976.
Home ownership is not only an investment but also an investment in future homeownership.
According to the report, the average person has $18,000 in retirement savings and another $12,000 at their retirement savings.
The majority of that money is held in 401(k) plans.
The median person has about $19,000 of retirement savings in a retirement account and another roughly $12.5 million in a personal savings account.
The vast majority of those accounts are in a checking or savings account, according the report.
In terms of taxes, people pay a combined rate of 12.9 percent on their income.
The tax rate for most Americans is a whopping 27.4 percent.
The report found that, in 2017, people paid an average of $4,700 in federal, state, and local taxes, or about $8,500 more than they did in the year before.
The amount paid by Americans was more than twice the amount paid in the years prior.
On average, people are paying an average $6,800 more in property taxes than they were in 2015, the report found.
The study found that people are also paying an even higher amount in property and personal taxes in 2018.
Many Americans are using the money to buy things like a home, a car, or even a boat.
The report found some people have been able to save up to $500,000 by refinancing their home.
Other expenses, such as child care, car payments, and student loans, have been rising sharply.
People were paying an annual average of about $1,000 more than in the previous year for health insurance premiums, the survey found.
The report said that, by 2019, the median income for a family of four was about $70,000, compared to $60,000 last year.