How Many Hours Americans Need To Work To Pay Their Mortgage

Jon Alternative Media, Blogosphere, Economy, Government, Market Commentary, Real Estate

When it comes to the cost of living in cities, a general rule of thumb is that housing prices are much higher in the country’s economic and population hubs, especially in the cities along the coasts.
As Visual Capitalist’s Jeff Desjardins notes, particularly in recent years, prices have been pushed sky-high in places like New York City or San Francisco through a combination of limited supply of new homes, increasing demand, shifting demographics, and government regulations.
PUTTING IT INTO PERSPECTIVE Today’s visualization from HowMuch.net applies a common denominator to compare 97 of the biggest cities in the United States. Using a measure of median household income against the average mortgage payment in each city, we get a gauge of how many hours must be worked each month just to pay down the house.
The visualization uses data from the U. S. Census for household income and Zillow for median home listing price, while calculating mortgage payments based on a standard 30-year term.

This post was published at Zero Hedge on Oct 19, 2017.