Six U.S. cities, including Boston, have a 70 percent or higher percentage of households that can't afford a home, a new study has found.
According to the same study, an individual would have to work 117.04 hours per week at the city's median hourly wage ($26.73) in order to afford a median monthly mortgage payment ($3,128) in the city.
Personal finance website GOBankingRates used the median home listing price in the 100 largest cities to calculate typical monthly mortgage payments. Using the rule that no more than 30 percent of income should go toward housing, GOBankingRates calculated the income needed to afford a mortgage. Researchers then compared this income to the number of households with income equal to or greater than that amount.
Top Five Cities With the Highest Percentage of Households That Can't Afford a Home
1. San Francisco
Median listing price: $1,199,000
Percentage of households that can't afford a home: 76.7 percent
Median listing price: $725,000
Percentage of households that can't afford a home: 75.7 percent
Median listing price: $450,000
Percentage of households that can't afford a home: 74.3 percent
4. Long Beach, Calif.
Median listing price: $549,900
Percentage of households that can't afford a home: 73.5 percent
5. Los Angeles
Median listing price: $749,000
Percentage of households that can't afford a home: 72.9 percent
Additional Study Insights
For full study results and more details on methodology, visit: Places Where 50% of Americans Can't Afford a Home
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