Do you know the most and least expensive cities to live in? For all the great parts about owning a home, paying your mortgage isn’t likely to make the list.
For better or worse it is a large part of being a homeowner. Each day, people across the country are working to pay off their mortgage. However, it should come as no surprise that not all cities are created equal.
It’s no surprise that home values fluctuate around the country. Your monthly mortgage payment may be a lot or a little depending on the value of your home and the market you live in.
Each month, whether they think this way or not, thousands of homeowners devote a certain number of their working hours toward paying their mortgage. According to The Visual Capitalist and published to Zerohedge, here are the most and least expensive cities to live in.
Most Expensive Cities To Live In
Not surprisingly, New York and Los Angeles top the list with a whopping 113.5 and 112.4 hours of work each month that goes solely towards making the monthly mortgage payment.
That means that a median income earner in these markets almost three weeks out of every month to pay their mortgage. Wow!
Of course, on the other side the picture is a lot friendlier.
Least Expensive Cities to Live In
A median income earner in Baltimore, Maryland or Buffalo, New York will only devote about half a week’s worth of work towards their mortgage payment. Quite a large disparity!
If you’re looking to move to Memphis or Toledo, a median income earner can knock out their monthly mortgage payment in only a few days!
Of course, these are based on median incomes and listing prices. Your mileage may vary based on your income, neighborhood, and many other factors. That’s why City vs City’s powerful cost of living calculator looks at the specifics of your area and NOT the median.
This gives you a clear look at what you can expect from your current city as well as any other you’d like to compare it to.
Location, Location, Location
As the old real estate saying goes, location is key. It’s no surprise that large, coastal metropolitan areas are seeing rising home prices and mortgage rates. You can get more bang for your buck by moving a few hours north of New York City to Buffalo. On the other hand, head a few hours south to Baltimore for savings as well.
If you’re looking to make a move, your location matters. Don’t sign the papers without letting City vs City’s patent-pending technology go to work for you. Estimate your cost of living with ease and make sure that next move is the RIGHT one for you!