Monthly Housing Payments In Nokomis Up 43% Since 2014
In 2014, median home prices in the Lake Nokomis community were $200,000. If you bought a house with a 20% down payment and a 4.5% 30-year mortgage, then your payment would be about $1136. That is assuming yearly property taxes are $2890 and home insurance is $1100. Today median home prices are about $297,000. If you put 20% down, had a 4.5% mortgage, yearly property taxes were $3850, and home owners insurance is $1300, then your payment would be about $1635.
So the difference between buying now versus 2014 is that your mortgage payment is about $500 more a month and the house costs about $100,000 more. That is a big difference. Remember, prices dropped a lot after 2007. Median home prices in 2007 were $229,000 and by 2012 they dropped to $162,000.
Nokomis is a really great place to live and own a home. People that bought in 2014 are generally happy they didn't wait until 2020. So on one hand it is good because equity helps a lot of home owners, but on the other hand Nokomis is not nearly as affordable as it used to be. If you are thinking of buying in 2020 I would start looking right now because come April and May there will be a lot more buyers out shopping and prices will probably be higher.