Average Monthly Mortgage Payment Now Costs 10 Work Days
Paying a mortgage doesn’t just cost money—it costs time. As prices rise, so does the number of hours the average American must work to pay their monthly housing costs
With the median home now priced at $412,000, monthly mortgage payments now cost the average homeowner 10 days of work.
Buying a home is taking up a larger portion of Americans' paychecks. On average, a worker now spends 10 full work days each month to afford the median-priced home at $412,000, according to National Mortgage Professional. In some areas of the country, that commitment is even greater. Hawaii has the highest median home price at nearly $797,000, requiring 17 work days per month to cover the $5,222 mortgage payment. California follows with homeowners working 15 days to afford an average $4,773 payment. Montana, where home prices have surged, also requires 15 days of work per month to afford the median home price of $613,275.
In contrast, states across the Midwest and Southeast offer a more affordable picture. In West Virginia and Ohio, where median home prices are $247,000 and $259,450 respectively, the average homeowner spends six to seven workdays a month on mortgage payments.Read more
