The Number of Days You Need To Work To Afford a Monthly Mortgage Payment

from Realtor.com, March 2025 (excerpt)

… "Home prices have significantly outpaced wage growth in recent years, widening the gap between income and housing affordability," says Hannah Jones, Realtor.com® senior economic research analyst.

"This disparity intensified during the [COVID-19] pandemic, when a surge in housing demand strained inventory, driving home prices sharply upward and increasing economic pressure on households."

Hawaii has the highest median home list price in the nation at $796,947. Homeowners purchasing a home at this price point will need to work 17 days each month just to cover the payment of $5,222, including tax and insurance. The average hourly wage in January 2025 was $38.

In California, they face a similar trend, with homeowners needing to work 15 days of the month to cover a payment of $4,773, including tax and insurance. Similarly, homeowners in Montana—where the median home list price is $613,275— would also have to work 15 days of the month.

Meanwhile, West Virginia and Ohio have the lowest median home list price, at $247,000 and $259,450, where residents will need to work about 7 and 6 days a month, respectively.

In other states, including Kansas, Missouri, Indiana, Illinois, West Virginia, and Michigan, it requires about 7 days of work each month to cover mortgage payments….

read … The Number of Days You Need To Work To Afford a Monthly Mortgage Payment