LOS ANGELES, Calif. (AP) — To find out where homebuyers can work the fewest hours to afford owning a home, GOBankingRates looked at the home listing prices, mortgage rates and the household incomes in the 50 U.S. states plus the District of Columbia.
Ranging from just 30.76 hours a month in Ohio to 88.13 hours a month in Hawaii, the amount of time Americans spend working to pay their mortgages is vastly different depending on where they live.
“It’s one thing to know the amount of money you’re paying each month to cover your mortgage, but thinking of it in terms of working hours gives that expense a whole new meaning,” said Kristen Bonner, research lead on the study. “Our research provides a fresh perspective on a topic so heavily discussed among Americans. Sure, high home prices are nothing new, but our data takes it one step further by displaying how many work hours a month go directly toward affording a home.”
Where you can work the least to afford a mortgage; Where you’ll work the most to afford a mortgage
1. Ohio, 30.76 hours a month; 1. Hawaii, 88.13 hours a month
2. Michigan, 32.44 hours a month; 2. District of Columbia, 83.29 hours a month
3. Indiana, 32.72 hours a month; 3. California, 78.13 hours a month
4. Iowa, 33.81 hours a month; 4. Colorado, 67.02 hours a month
5. Missouri, 34.13 hours a month; 5. Oregon, 66.67 hours a month
6. Kansas, 34.16 hours a month; 6. Montana, 62.43 hours a month
7. Nebraska, 36.04 hours a month; 7. New York, 60.70 hours a month
8. Wisconsin, 37.20 hours a month; 8. Massachusetts, 60.57 hours a month
9. Pennsylvania, 37.41 hours a month; 9. Florida, 59.06 hours a month
10. Minnesota, 38.26 hours a month; 10. Idaho, 54.41 hours a month
Additional study insights:
• Due to notable differences in median household incomes among states, a low mortgage rate or low home listing price doesn’t necessarily mean fewer work hours a month required to afford a mortgage.
• Ohio residents have to work 30.76 hours a month to afford a home — the lowest number in the nation, and nearly half the number of hours New York residents must work.
• Arkansas is just one of five states where the monthly mortgage is less than $800.