How many hours of work do Hoosiers need to pay their mortgage?

Deanna Watson, Lafayette Journal & Courier
·2 min read

LAFAYETTE, Ind. – Financial experts suggest that you shouldn't pay more than 28 percent of your income on a mortgage.

That's not even half of what the average American is paying today, thanks to inflation. According to a recent House Method study, homeowners are spending as much as 64 percent of their monthly incomes on mortgage payments.

On average, American homeowners must work 110 hours per month to pay their monthly mortgage, House Method reported.

"The state with the most expensive mortgage is Hawaii, costing an average of $6,030 per month," writes Elisabeth Beauchamp, a content producer for House Method’s Lawn and Garden category, in the study. "Hawaii homeowners need to work approximately 263 hours just to afford this payment."

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The median home in Hawaii costs $909,000, House Method's study stated.

"West Virginians, on the other hand," Beauchamp writes, "only need to work 58 hours to afford a monthly mortgage payment of $1,028. However, the median home value in the state is just $139,000, which is about $770,000 less than Hawaii’s average home value."

For Hoosiers, House Method stated, they must work 84 hours a month to cover the average mortgage payment. That's two weeks – when using the 40-hour typical work week – and a half-day more.

Just to cover the mortgage.

The median home value in Indiana is $221,000, with an average monthly mortgage payment of $1,546.

There's a silver lining. Indiana ranks 39th in the country for how much of our earnings go toward a mortgage.

At least we're not in San Francisco, where homeowners must work 249 hours to pay the monthly mortgage payment. The California city ranked the highest across the country, with San Jose (247 hours), San Diego (209) and Los Angeles (184) following in the next three top slots.

This article originally appeared on Lafayette Journal & Courier: Hoosiers need to work 84 hours on average to pay their mortgage