Using median listing prices provided by Zillow.com and median income figures according to the U.S. Census Bureau , a report posted on the financial website howmuch.net calculated an individual would have to work 109 hours every week in order to make payments on a mortgage in Miami.
The report claims that monthly payments on a $449,000 home with a 30-year fixed mortgage rate of 3.57 percent would be $1,627. The report puts the personal median income in Miami at $31,051.
According to the U.S. Census, the median household income in Miami in 2013 was $41,913 . The median sales price of a single-family home in September was $337,500, according to the Miami Realtors Association .
How much do you have to work to buy a home in Miami?
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