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At today's 6.53% mortgage rate, the typical U.S. home buyer will pay $413,700 in lifetime interest, more than the median home itself costs. The figure ranges from $1.72 million in San Jose to $163,654 in Toledo, with the 102.6% interest-to-home-price ratio holding in every metro studied.
Home prices have risen 551% since 1980 while incomes grew just 373%, pushing the national home-price-to-income ratio to 5.08, nearly double what experts consider affordable. This study ranks the 50 most populous U.S. metros from most to least affordable and reveals that none meets the recommended threshold.
