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