If you want to live near the coast, according to a report, you should be prepared to work some overtime.
According to the report, to afford the median mortgage in Los Angeles, San Francisco, and Miami, if the head of the household is earning median pay, they would have to work more than 100 hours a month to afford their mortgage. That’s aside from the hours of work it takes for other everyday expenses.
Using stats from the Census Bureau and Zillow, HowMuch.net, a cost estimating website, created a map to show how many hours the typical American would have to work to pay their mortgage in 98 of the most prominent cities.
The top 5 cities were Los Angeles (112 hours), Miami (109 hours), San Francisco (107 hours), Boston (95 hours), and Oakland (83 hours).
“The best places tend to be old manufacturing cities like Toledo and Memphis (17 and 18 hours, respectively),” said HowMuch.net’s Raul Amoros. “That’s right—you don’t need to work past lunch on Wednesday to earn enough money to make a mortgage payment in [such locations]. That’s an incredible standard of living.”
In a related article, HowMuch.net highlighted the top and bottom five most and least expensive states to reside. According to the above data, it doesn’t come as a surprise why California would be No.1 on the list of most expensive states with the median home value prices at $449,100.
Following California was Massachusettes ($352,100), New Jersey ($322,600), Maryland ($299,800), and New York ($293,500).
In the 5 least expensive states, No. 1 was West Virginia ($112,100), Mississippi ($112,700), Arkansas ($120,700), Oklahoma ($126,800), and Kentucky ($130,000).
“All this shows that the laws of supply and demand are alive and well in the real estate market,” the report said. “You can easily find cheap acres of land where they are plentiful and un-useful, but owning property is a lot more expensive in smaller places crowded with lots of people. As always, location, location, location.”