Buying the typical home listed for sale in more than half of the nation's 35 largest markets requires a bigger chunk of a person's monthly income than ever, according to new analysis from Zillow.com, the real estate website. That includes the San Francisco Bay area.
Mortgage payments in Warriors territory eat up about 40 percent of an average person's monthly income. In Cleveland, the average person paying a list price of about $144,000 will spend 12.7 percent of their monthly income on mortgage payments.
Nationally, mortgage payments on the median home for sale require 20 percent of the an average monthly income.
"Down payments are a top concern for today's homebuyers, but the reality is that monthly costs are becoming unaffordable as well," said said Zillow Chief Economist Dr. Svenja Gudell.
How much of a person's monthly income do they have to spend on their mortgage?
- Los Angeles: 46.8%
- Miami/Fort Lauderdale: 39.1%
- New York City: 29.3%
- Boston: 26.7%
- Dallas: 22.9%
(Selected Cities from Zillow.com research)