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 2. Boston Median listing price: $725,000 Percentage of households that can't afford a home: 75.7 percent 3. Miami 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 Read More WBOB |
WBOB
|
Search For Your Favorite WBOB Author,
or BobCast
990WBOB
An Independent Media Outlet. The views opinions and thoughts expressed do not reflect those of 990WBOB, its management or its staff. All Rights Reserved 990WBOB.com 2007-2020 Contact WBOB HERE |
Featured Supporters
|