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Editor’s Word: This story initially appeared on HireAHelper.
A really tight labor market has led to a rise in total wages. Actual median hourly wages have grown by 11.4% since 2000.
Nonetheless, residence costs have risen even quicker; the true median residence worth has grown by practically 44% over the identical interval. Whereas employees’ wages are rising, residence costs — and worth ranges total — are consuming away at these earnings positive aspects.
As employees contemplate transferring to benefit from better-paying jobs, regional variations in residence costs stay high of thoughts.
Regardless of having higher-paying jobs, excessive residence costs imply that it’s nonetheless tough to afford a house in some components of the nation.
To find out the places the place folks have to work essentially the most hours to afford a house, researchers at HireAHelper analyzed the most recent information from the Bureau of Labor Statistics and Zillow.
The researchers ranked metros based on the weekly work hours wanted to afford a median-priced residence. The evaluation assumes the employee is incomes a median wage, makes a 20% down fee on the mortgage, and allocates lower than 30% of their month-to-month wage to mortgage funds.
Researchers additionally calculated the month-to-month mortgage fee for a median-priced residence, the median residence worth, the median hourly wage, and the median annual wage.
Listed below are the U.S. metropolitan areas the place folks have to work essentially the most hours to afford a house.
15. Las Vegas-Henderson-Paradise, NV
Weekly hours wanted to afford a median-priced residence: 89
Month-to-month mortgage fee for a median-priced residence: $2,077
Median residence worth: $418,187
Median hourly wage: $18.05
Median annual wage: $37,550
14. Nashville-Davidson-Murfreesboro-Franklin, TN
Weekly hours wanted to afford a median-priced residence: 91
Month-to-month mortgage fee for a median-priced residence: $2,228
Median residence worth: $448,498
Median hourly wage: $18.88
Median annual wage: $39,260
13. Austin-Spherical Rock, TX
Weekly hours wanted to afford a median-priced residence: 91
Month-to-month mortgage fee for a median-priced residence: $2,669
Median residence worth: $537,243
Median hourly wage: $22.55
Median annual wage: $49,910
12. Portland-Vancouver-Hillsboro, OR, WA
Weekly hours wanted to afford a median-priced residence: 92
Month-to-month mortgage fee for a median-priced residence: $2,784
Median residence worth: $560,474
Median hourly wage: $23.26
Median annual wage: $48,380
11. Sacramento-Roseville-Arden-Arcade, CA
Weekly hours wanted to afford a median-priced residence: 96
Month-to-month mortgage fee for a median-priced residence: $2,917
Median residence worth: $587,164
Median hourly wage: $23.35
Median annual wage: $48,570
10. Miami-Fort Lauderdale-West Palm Seaside, FL
Weekly hours wanted to afford a median-priced residence: 98
Month-to-month mortgage fee for a median-priced residence: $2,364
Median residence worth: $475,854
Median hourly wage: $18.59
Median annual wage: $38,670
9. Salt Lake Metropolis, UT
Weekly hours wanted to afford a median-priced residence: 98
Month-to-month mortgage fee for a median-priced residence: $2,867
Median residence worth: $577,249
Median hourly wage: $22.55
Median annual wage: $46,900
8. Seattle-Tacoma-Bellevue, WA
Weekly hours wanted to afford a median-priced residence: 99
Month-to-month mortgage fee for a median-priced residence: $3,718
Median residence worth: $748,399
Median hourly wage: $28.96
Median annual wage: $60,230
7. Denver-Aurora-Lakewood, CO
Weekly hours wanted to afford a median-priced residence: 100
Month-to-month mortgage fee for a median-priced residence: $3,072
Median residence worth: $618,385
Median hourly wage: $23.66
Median annual wage: $49,210
6. Riverside-San Bernardino-Ontario, CA
Weekly hours wanted to afford a median-priced residence: 117
Month-to-month mortgage fee for a median-priced residence: $2,855
Median residence worth: $574,659
Median hourly wage: $18.76
Median annual wage: $39,020
5. San Diego-Carlsbad, CA
Weekly hours wanted to afford a median-priced residence: 145
Month-to-month mortgage fee for a median-priced residence: $4,342
Median residence worth: $874,095
Median hourly wage: $23.10
Median annual wage: $48,050
4. Los Angeles-Lengthy Seaside-Anaheim, CA
Weekly hours wanted to afford a median-priced residence: 150
Month-to-month mortgage fee for a median-priced residence: $4,460
Median residence worth: $897,894
Median hourly wage: $22.87
Median annual wage: $47,580
3. City Honolulu, HI
Weekly hours wanted to afford a median-priced residence: 151
Month-to-month mortgage fee for a median-priced residence: $4,557
Median residence worth: $917,354
Median hourly wage: $23.17
Median annual wage: $48,200
2. San Jose-Sunnyvale-Santa Clara, CA
Weekly hours wanted to afford a median-priced residence: 162
Month-to-month mortgage fee for a median-priced residence: $7,636
Median residence worth: $1,537,192
Median hourly wage: $36.31
Median annual wage: $75,510
1. San Francisco-Oakland-Hayward, CA
Weekly hours wanted to afford a median-priced residence: 174
Month-to-month mortgage fee for a median-priced residence: $6,754
Median residence worth: $1,359,655
Median hourly wage: $29.81
Median annual wage: $62,000
Methodology
To find out the places the place folks have to work essentially the most hours to afford a house, researchers at HireAHelper analyzed the most recent information from the Bureau of Labor Statistics 2021 Occupational and Employment and Wage Statistics and Zillow’s Zillow Residence Worth Index (ZHVI), a measure of typical residence worth.
The researchers ranked metros based on the weekly work hours wanted to afford a median-priced residence. Within the occasion of a tie, the metro with the bigger median hourly wage was ranked increased.
Researchers additionally calculated the month-to-month mortgage fee for a median-priced residence, the median residence worth, and the median annual wage.
Median residence worth was calculated from Zillow’s ZHVI, and the month-to-month mortgage fee for a median-priced residence was calculated by assuming a 30-year fixed-rate mortgage with a 20% down fee.
Weekly work hours wanted to afford a median-price residence had been calculated assuming that not more than 30% of wage revenue goes in the direction of mortgage funds.
To enhance relevance, solely metropolitan areas with a minimum of 100,000 folks had been included within the evaluation.
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