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Hawaii might be paradise, but if you own a home there, you might not get much time off from work to enjoy it. A new study by GOBankingRates Monday reported that Hawaii homeowners typically work 88 hours a month to cover the cost of living in the 50th state. The District of Columbia also broke the 80-hours-a-month barrier, just edging out California for second place on the list of places residents work the most in order to pay for their homes.
Hawaii’s place at the top shows that homeowners in that state work an average of three times as many hours as those in Ohio, where homeowners work an average of just under 31 hours a month to afford their homes. Michigan, Indiana, Iowa, Missouri, and Kansas also clocked in with fewer than 35 hours a month. The study looked at home listing prices, mortgage rates, and household income to determine its final numbers.
The guarantee fees charged by Fannie Mae and Freddie Mac leveled off in 2015 after more than doubling in the prior five-year period, according to the FHFA’s annual report on the fees to Congress, released Monday. The average single-family guarantee fee rose by just two basis points in 2015, up to 59 basis points, after more than doubling from 2011 to 2015 from 26 basis points up to 59.
