How many need to work to afford a house in Miami
Фото: Depositphotos
A new study claims that you must be an avid workaholic to afford to buy a house in Miami. He writes about it Miami Herald.
Using average prices on a real estate website Zillow.com and average incomes according to the US Census Bureau, a result published on howmuch.net financially shows that a person must work 109 hours per week to pay a mortgage in Miami.
The report states that monthly payments for a $449 home with a 000-year 30% mortgage would be $3,57. The median annual income for city residents is $1.
Miami was ranked second on the list of US 10 states where a person needs to work most to allow them to pay their house. Los Angeles was in the first place (112 hours), and San Francisco - the third (107 hours). Eight out of ten cities on the list were coastal areas.
The report also lists the best cities for slackers who also want to be homeowners. In Toledo, you will need to work 17 hours a week to make your mortgage payments. Other lazy spots include Memphis (18 p.m.), Cleveland (20 p.m.), and Buffalo (21 p.m.).
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