When considering regional preferences, homebuyers must consider affordability and cost of living. HowMuch.net has integrated data from Zillow and the Census Bureau, creating a map that shows how many hours the average American needs to work to pay the mortgage in 98 of the biggest U.S. cities.
Using the standards of a 40-hour workweek to calculate average hourly rate, along with a 30-year mortgage loan, industrial cities like Toledo or Memphis tend to be the most affordable, while many Americans may be priced out of living on the coasts. Many California cities rank high on the list, with results showing it could take up to 112 hours of work per week to afford one's home, MarketWatch reports.
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