On average, Pennsylvanians must work 11 eight-hour days to afford their monthly mortgage payment, according to an analysis by Visual Capitalist. Findings were based on median hourly wages and home prices, assuming a 30-year mortgage, 5.8% mortgage rate and 6% downpayment.
The national average is 14 days of work to afford a monthly mortgage payment, with:
- $22/hour median wage
- $355,852 median home price
- $2,431 monthly mortgage
Data showed that Pennsylvanians need to work fewer days than the national average (11) to afford their monthly mortgage payment. Visual Capitalist bases this conclusion on Pennsylvania’s:
- $22/hour median wage
- $266,000 median home price
- $1,840 monthly mortgage
This is the 16th lowest number of days nationwide.
In West Virginia, an average of only seven work days is needed to afford a monthly mortgage payment, compared to 33 days in Hawaii.
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