Surprisingly enough cities with the most expensive properties require residents to work a greater amount of hours to be able to afford them. San Jose was ranked as number one where residents needed to make an astonishing amount of $274,623 per year just to buy a house in the city. Median Salary in each city in comparison to the median mortgage amount makes San Jose drops to the tenth spot where residents in San Jose have to work a bit fewer hours to other cities. In New York City resident have to work a high of 113 hours a month in order to pay their monthly mortgage where San Jose residence only have to work 74 hours a month to pay their mortgage. Shockingly that is an estimated week of work needed in addition just to be able to afford a mortgage payment. Even though you are paying less in New York you must work more hours compared to San Jose.
The cost information website How Much pulled together the median salary from each city and calculated the median hourly rate. The median house price was compared to determine a monthly mortgage payment. This mortgage payment is based on a 30-year mortgage.
California is the place where residents have to work the most amount of hours to pay their monthly mortgage because it contains seven cities within the top ten list. The difference in hours that need to be worked to make a mortgage payment in San Francisco versus San Jose is surprising because San Jose requires a higher salary to purchase a home. However, it is justified because the median salary in San Fransisco is lower requiring more hours to be worked. If not for the difference in median wage the gap would be much smaller than the total of 33 hours.
Miami is among the top ten cities that require a high amount of hours to be worked to beating the majority of the western cities except for Los Angeles. No cities within the middle of the country made the top ten list and those on the coast have salaries that exceed housing cost.
Among the top ten cities that require the most hours to make a mortgage payment are:
New York, NY with 113 hours
Los Angeles, CA with 112 hours
Miami, FL with 109 hours
San Francisco, CA with 107 hours
Boston, MA with 95 hours
Oakland, CA with 83 hours
Long Beach, CA with 78 hours
San Diego, CA with 77 hours
Santa Ana, CA with 74 hours
San Jose, CA with 74 hours
These are only the amounts of hours that have to be worked to pay a mortgage in the specific cities. These hours wouldn’t be contributed to bills, meals, and other expenses. For more information click, Here.
