Homeownership grows more unaffordable as average new mortgage payment increases over 95%

FORT LAUDERDALE, Fla. — The average new mortgage payment for a home has almost doubled in South Florida over the past year as interest rates skyrocket.

With interest rates double what they were at the beginning of the year, the typical monthly payment for a mortgage in South Florida is $2,452, a 96.5% increase, an analysis from Zillow shows.

It’s a stark jump from what it was a year ago: $1,248.