MIAMI - If you're looking to buy a home in Miami, you better get to work and plan on staying late.
A new study by HowMuch.net shows that Miami ranks second in the entire country for how much people have to work to own a home in the Magic City.
According to the study, Miami homeowners spend a whopping 109 hours working solely to pay their monthly mortgage.
That's almost three weeks a month of work, and more than 50 percent of take-home pay, just to be a homeowner in Miami.
Only in Los Angeles (112 hours) do homeowners spend more time working to pay to live in their homes.
The study took data from the U.S. Census to get the medium income for residents in almost 100 cities in the country, and then calculated an average hourly rate by using a 40-hour work week.
HowMuch.net then took the median house price for each city to determine a monthly mortgage payment.
Top cities for working to pay home mortgage
- Los Angeles, CA - 112 hours
- MIAMI - 109 hours
- San Francisco, CA - 107 hours
- Boston, MA - 95 hours
- Oakland, CA - 83 hours
- Long Beach, CA - 78 hours
- San Diego, CA - 77 hours
- Santa Ana, CA - 74 hours
- San Jose, CA - 74 hours
- Irvine, CA - 73 hours
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