April 4, 2025
Mortgage

The Average Mortgage Payment Costs 10 Workdays Each Month – NMP


Anyone chasing the dream of homeownership, get ready to clock in — and not just metaphorically, but literally. According to new data from Realtor.com, the average American must now work 10 full days a month to afford a median-priced home, which currently stands at a cool $412,000. In some corners of the country, that commitment stretches to a full 17 workdays.

“The number of workdays required to afford a home today stems from a couple factors. First, home prices have risen faster than incomes, widening the gap between earnings and housing costs. Second, elevated mortgage rates have increased borrowing costs, further stretching monthly budgets,” said Charlie Lankston, Executive Editor, Realtor.com. “As a result, prospective buyers must allocate more of their income, and consequently, more work days each month, to afford mortgage payments.”

The number of days it takes to afford a mortgage is becoming a new benchmark for housing affordability—and a growing reminder that in many markets, the cost of homeownership is no longer just about dollars and cents. It’s also about time.

Paradise Comes At A Price: Hawaii, California

Hawaii, fittingly dubbed the Paradise of the Pacific, also happens to boast the highest median home list price in the nation at $796,947. Homeowners in the Aloha State would need to work 17 days per month to cover a typical mortgage payment of $5,222, including tax and insurance.

California follows closely behind. With an average payment of $4,773, buyers in the Golden State will spend 15 days a month just to cover housing costs. And in Montana—where home prices have surged, particularly in popular towns like Bozeman—homeowners are also putting in 15 workdays per month to afford the state’s median list price of $613,275.

One Work Week At A Time: The Midwest And Southeast 

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.

Other states where residents can expect to work just one week per month to afford a home include Kansas, Missouri, Indiana, Illinois, Michigan, and again, West Virginia.



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