Study Finds How Many Hours Americans Are Working to Afford Their Homes in Every State

Hawaiian homeowners are working almost three times as much - 57 more hours a month - as homeowners in Ohio to pay their monthly mortgages

News provided by

GOBankingRates

Aug 01, 2016, 07:15 ET

LOS ANGELES, Aug. 1, 2016 /PRNewswire/ -- 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.

Latest GOBankingRates study finds how many hours you have to work to afford a home in each state.

"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."

For full study findings, visit:
https://www.gobankingrates.com/personal-finance/hours-work-afford-home-state/

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

Don't see your state? The complete breakdown in table format, here: https://www.gobankingrates.com/mortgage-rates/many-hours-americans-work-pay-mortgage-state/

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.

Is it cheaper to own or to rent a home in your state? Find out, here: https://www.gobankingrates.com/mortgage-rates/cost-renting-vs-owning-home-state/

Methodology: GOBankingRates' surveyed all 50 states and the District of Columbia considering the following:

Median household income data (2014 Census Bureau) and the Office of Personnel Management's 2,087-hour divisor
Monthly mortgage payment calculated from the median home list prices in each state (May 2016, Zillow) and current 30-year fixed mortgage loan rates in each state using (July 6, 2016, RateWatch) assuming a 20 percent down payment

About GOBankingRates

GOBankingRates.com is a news and features personal finance and consumer banking website, offering visitors the latest on everything from tips for saving money, investing for retirement, finding a good interest rate and getting a loan. Its content is regularly featured on top-tier media outlets, including MSN, MONEY, AOL Finance, Business Insider, and dozens of other top-tier media outlets. GOBankingRates specializes in connecting consumers with the financial institutions and products that best match their needs and financial situation. The mortgage calculator also took insurance and taxes into consideration to determine the monthly mortgage payment.

Contact:

Katie Johnston, Media Relations
GOBankingRates.com
[email protected]
310-297-9233 x116

Photo - http://photos.prnewswire.com/prnh/20160729/394290
Logo - http://photos.prnewswire.com/prnh/20130926/LA86996LOGO

SOURCE GOBankingRates