You thought the cost of buying a home in Miami was already intimidating? A new study now claims you have to be a major workaholic to afford to own your home, too.
Using median listing prices provided by Zillow.com and median income figures according to the U.S. Census Bureau, a report posted on the financial website howmuch.net calculated an individual would have to work 109 hours every week in order to make payments on a mortgage in Miami.
The report claims that monthly payments on a $449,000 home with a 30-year fixed mortgage rate of 3.57 percent would be $1,627. The report puts the personal median income in Miami at $31,051.
According to the U.S. Census, the median household income in Miami in 2013 was $41,913. The median sales price of a single-family home in September was $337,500, according to the Miami Realtors Association.
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Miami took the second spot on the report’s list of the top 10 U.S. where you have to work the most to afford a single-family home. Los Angeles was number one (112 hours) and San Francisco was number three (107 hours). Eight of the ten cities on the list were coastal locations.
The report also lists the best cities for slackers who want to be homeowners, too. In Toledo, you’d only need to clock in 17 hours a week to make your mortgage payments. Other havens for the lazy are Memphis (18 hours), Cleveland (20 hours) and Buffalo (21 hours).
Check out the full report here.
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