Map: How Many Hours Americans Need to Work to Pay Their Mortgage
▻http://www.visualcapitalist.com/hours-americans-pay-mortgage-map
With about 170 hours in a normal work month, the average people in these [most expensive] cities are spending 50% or more of their income just to pay down their mortgages. It’s worst in New York City and Los Angeles, where at least 65% of income is going towards housing.
These cities stand in stark contrast to the five cheapest cities based on hours of work needed:
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In a city like Memphis, TN it takes only 18.4 hours of work a month to pay down the average mortgage. That’s equal to only about 10% of monthly household income.
