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What are my payments, what is the interest rate and how long will it take me to pay this off? Those are the big three factors we all consider when we have settled on a significant new purchase and especially the biggest purchase of most people’s lives, a new home. The lowest the answer to these three questions the better for the homebuyer, who is typically on the hook for either 15- or 30-year mortgage agreements.
A recent report from Realtor.com delineates the effect of location on the time you spend shelling out monthly payments for your home. Using a 20 percent down payment and a 30-year fixed mortgage as its basis, the study discovered the U.S. cities where, on average, you can spend the least amount of time in paying off your house and the places where it takes the most.
Markets to pay off your mortgage the fastest
- Cleveland, OH- 5.4 years
- Rochester, NY- 5.6 years
- Pittsburgh, PA- 5.8 years
- Buffalo, NY- 5.9 years
- Columbus, OH- 6.1 years
- Louis, MO- 6.2 years
- Indianapolis, IN- 6.2 years
- Cincinnati, OH- 6.3 years
- Detroit, MI- 6.8 years
- Kansas City, MO- 6.9 years
Markets to pay off your mortgage the slowest
- Los Angeles, CA- 29.4 years
- San Jose, CA- 29.3 years
- San Francisco, CA- 27.5 years
- San Diego, CA- 26.2 years
- Denver, CO- 21.3 years
- Miami, FL- 17.9 years
- Portland, OR- 17.1 years
- Riverside, CA- 16.7 years
- Sacramento, CA- 14.8 years
- Austin, TX- 14.6 years
In the time it takes for homebuyers in Los Angeles to pay off their homes, Cleveland homeowners could finish paying for five. The question is, where would you rather live? Location is the deciding factor in choosing a 30-year agreement when 5-year contracts are available throughout the country. For Americans struggling with achieving homeownership, a change in state could be the answer.