With a median list price of $128,000, homebuyers in Cleveland can pay off their mortgages in 5.4 years, the fastest rate in the nation.
Realtor.com found the 10 fastest and 10 slowest cities for paying off a mortgage, based on median home list price, median household income, and fixed parameters like a 28 percent debt-to-income ratio and a 20 percent down payment.
Pittsburgh, Buffalo, St. Louis, and Rochester, N.Y., are also cities where it’s quicker to pay everything off. Meanwhile, a typical house in Los Angeles costs $609,000 and takes 29.4 years to pay off, the nation’s highest rate. San Jose, San Francisco, San Diego, and Denver are other cities where it is expected to take owners more than 20 years to pay off a mortgage.
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