Mortgages have seen plenty of changes over the past years, with rates peaking past 8% in October and settling at 6.09% in the week ending Sept. 19. As the rates move, so do mortgage payments.
Nationally, the average mortgage payment in the US is $2,715 on a 30-year fixed mortgage, according to calculations conducted by the Business Insider.
These averages and a person's ability to pay off their mortgage vary depending on several factors, including where they live. To determine where mortgages are easiest and hardest to pay off, personal finance site SmartAsset analyzed home mortgage data and median household incomes in the 40 largest metropolitan areas in the country.
Cities Where Mortgages Are Easiest To Pay Off
The US cities ranked among the "easiest" places to pay off mortgages were found to have a low income-to-housing ratio. The payments were calculated using the median home value in the area.
Pittsburg, PA
Median Property Value: $265,000
Median Household Income (Annual): $101,000
Monthly Mortgages: $1,377
Proportion of Gross Salary Allocated to Mortgages: 16.4%
Houston-The Woodlands-Sugar Land, TX
Median Property Value: $365,000
Median Household Income (Annual): $133,000
Monthly Mortgages: $1,894
Proportion of Gross Salary Allocated to Mortgages: 17.1%
Detroit-Warren-Dearborn, MI
Median Property Value: $225,000
Median Household Income (Annual): $84,000
Monthly Mortgages: $1,228
Proportion of Gross Salary Allocated to Mortgages: 17.5%
Cleveland-Elyria, OH
Median Property Value: $265,000
Median Household Income (Annual): $96,000
Monthly Mortgages: $1,408
Proportion of Gross Salary Allocated to Mortgages: 17.6%
San Antonio-New Braunfels, TX
Median Property Value: $345,000
Median Household Income (Annual): $117,000
Monthly Mortgages: $1,723
Proportion of Gross Salary Allocated to Mortgages: 17.7%
READ ALSO: Homebuyers Now Have $200,000 in Additional Spending Power After Mortgage Rates Decline
Cities Where Mortgages Are Hardest To Pay Off
San Jose-Sunnyvale-Santa Clara, CA
Median Property Value: $1,475,000
Median Household Income (Annual): $271,000
Monthly Mortgages: $6,588
Proportion of Gross Salary Allocated to Mortgages: 29.2%
San Diego-Chula Vista-Carlsbad, CA
Median Property Value: $905,000
Median Household Income (Annual): $180,000
Monthly Mortgages: $4,284
Proportion of Gross Salary Allocated to Mortgages: 28.6%
Los Angeles-Long Beach-Anaheim, CA
Median Property Value: $905,000
Median Household Income (Annual): $177,000
Monthly Mortgages: $4,192
Proportion of Gross Salary Allocated to Mortgages: 28.4%
San Francisco-Oakland-Berkeley, CA
Median Property Value: $1,505,000
Median Household Income (Annual): $282,000
Monthly Mortgages: $6,401
Proportion of Gross Salary Allocated to Mortgages: 27.2%
Riverside-San Bernandino-Ontatio, CA
Median Property Value: $605,000
Median Household Income (Annual): $135,000
Monthly Mortgages: $3,030
Proportion of Gross Salary Allocated to Mortgages: 26.9%
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