Friday
December 9, 2016

Where Mortgages Disappear the Fastest

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Where Mortgages Disappear the Fastest

Debt-wary clients may want to keep their eyes on these cities, which offer some of the best potential for free-and-clear home ownership.

Realtor.com® recently crunched the data, scouring the 50 largest U.S. markets, to calculate the minimum number of years a home owner can expect to spend paying off their mortgage. The research team factored in a 20 percent down payment and a 30-year mortgage rate as well as the median home list price and median household income of home owners in each of the markets.

Here’s a look at how quickly your clients could be mortgage-free in the top eight cities realtor.com® identified:

1. Cleveland, Ohio

  • Median list price: $128,000
  • Number of years to pay off the mortgage: 5.4

2. Rochester, N.Y.

  • Median list price: $135,000
  • Number of years to pay off the mortgage: 5.6

3. Pittsburgh, Pa.

  • Median list price: $148,000
  • Number of years to pay off the mortgage: 5.8

4. Buffalo, N.Y.

  • Median list price: $143,000
  • Number of years to pay off the mortgage: 5.9

5. Columbus, Ohio

  • Median list price: $165,000
  • Number of years to pay off the mortgage: 6.1

6. St. Louis, Mo.

  • Median list price: $157,000
  • Number of years to pay off the mortgage: 6.2

7. Indianapolis, Ind.

  • Median list price: $148,000
  • Number of years to pay off the mortgage: 6.2

8. Cincinnati, Ohio

  • Median list price: $160,000
  • Number of years to pay off the mortgage: 6.3

Now, for the markets where it will take the longest amount of time to pay off your mortgage, according to realtor.com®’s findings:

1. Los Angeles, Calif.

  • Median list price: $609,000
  • Number of years to pay off the mortgage: 29.4

2. San Jose, Calif.

  • Median list price: $852,000
  • Number of years to pay off the mortgage: 29.3

3. San Francisco, Calif.

  • Median list price: $748,000
  • Number of years to pay off the mortgage: 27.5

4. San Diego, Calif.

  • Median list price: $583,000
  • Number of years to pay off the mortgage: 26.2

5. Denver, Colo.

  • Median list price: $474,000
  • Number of years to pay off the mortgage: 21.3

6. Miami, Fla.

  • Median list price: $328,000
  • Number of years to pay off the mortgage: 17.9

7. Portland, Ore.

  • Median list price: $388,000
  • Number of years to pay off the mortgage: 17.1

8. Riverside, Calif.

  • Median list price: $334,000
  • Number of years to pay off the mortgage: 16.7

Source: “Where in the U.S. You Can Pay Off Your Mortgage the Fastest – and the Slowest,” realtor.com® (Jan. 25, 2016)