Mortgage Payments as a Percentage of Income
Our analysis focuses on the affordability of mortgage payments as a percentage of income. By considering income levels and mortgage rates, we help you understand the financial impact of homeownership and make informed decisions about your housing expenses.
As of January 2021, Buenos Aires had mortgage payments accounting for 1125% of income, making it a relatively less affordable market for homeownership. Tehran followed closely with mortgage payments comprising 1003% of income, while Damascus had mortgage payments equivalent to 804% of income. In contrast, Syracuse, Detroit, and Memphis exhibited relatively lower percentages, indicating more affordable mortgage payments compared to other areas.
By January 2022, Accra ranked first with mortgage payments amounting to 1698.4% of income, suggesting a potentially less affordable housing market. Buenos Aires and Damascus also remained in the top three positions, indicating high mortgage payment-to-income ratios. However, Cleveland, Detroit, and Memphis showcased lower percentages, reflecting relatively more affordable mortgage payments compared to other regions.
Moving to January 2023, Buenos Aires retained its first position, with mortgage payments comprising 1248.4% of income. Colombo and Caracas secured the second and third spots, respectively, in terms of mortgage payment-to-income ratios. Dallas, Phoenix, and Houston exhibited lower percentages, suggesting comparatively more affordable mortgage payments.
Assessing mortgage payments as a percentage of income provides valuable insights into the affordability of homeownership in different regions. It helps you understand the financial burden of mortgage payments and make informed decisions about your housing expenses based on income levels and prevailing mortgage rates.
