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  • bee November 2017
  • Ted November 2017
Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.

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How Many Hours Americans Need To Work To Pay Their Mortgage: Graphic

TedTed
in Off-Topic
FYI:
Regards,
Ted

Comments

  • beebee
    edited November 2017
    From an one eyed bandit to another (hoping you feeling better...seeing sharper).

    Is this the link?

    https://visualcapitalist.com/hours-americans-pay-mortgage-map/

    My comment:
    I don't believe this maps calculations includes taxes and insurance. Some even have to deal with HOA costs or at the very least the cost of maintenance of a property.

    Also, any bank that would underwrite a loan with "debt to income" ratios stated in the article would be criminal (but I wouldn't say it never will happen again). A Miami resident making $31K qualifying for $450k mortgage...I doubt it.

    Using a Mortgage calculator (mortgagecalculator.org/) for this Miami resident I calculated over $32K/year to satisfy just housing costs (excluding utilities, food, HOA, etc):
    image
  • TedTed
    @bee: Bailed me out again, I'm going to buy you a jar of honey!
    Regards,
    Ted:)
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