A stack of coins and a calculator on a pie chart depicting the make up of typical household expenses.To see more of my financial images click on the link below:
Appreciating home values and rising interest rates inflated the typical monthly mortgage payment $68 in 2016, up to $758, according to a recent analysis by Zillow, with approximately 16 percent of the median household income now needed for housing each month—the biggest share since 2010.
Housing costs in the Los Angeles-Long Beach-Anaheim, San Jose and San Francisco, Calif., markets gobble up the biggest pieces of the pie: 43.0 percent, 42.6 percent, and 42.2 percent of the median household income, in order. Historically, housing in Los Angeles called for 35.2 percent of the median income.
Housing costs in the Indianapolis, Ind., and Pittsburgh, Pa., markets take the smallest share: 11.2 percent of the median household income.
Approximately 29 percent of the median household income is now needed for rent each month, according to the analysis.
The markets with rental costs comprising the biggest share of the median household income are Los Angeles-Long Beach-Anaheim and San Francisco, Calif., and New York, N.Y., at 48.5 percent, 43.8 percent and 40.5 percent, in order.
Housing and rental costs in the top metropolitan areas:
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