Business

Could you afford to live here?

Home buyers in Greater Boston should expect to pay about 22 percent of their income, or $1,380 a month, on mortgage payments. That share is down from the pre-bubble years of 1985 to 2000, but still higher than the national average of 15.1 percent. Things could be worse; according to the real state firm Zillow, 10 other markets across the country are pricier than Boston. Here is the complete set of cities included in the study.

Size of bubble according to average home value. Opacity according to current affordability (percentage of income dedicated to mortgage payments.)
Top 10 by unaffordability
% of homes currently on the market that are unaffordable by historic standards
AREA
% UNAFFORDABLE
Miami, FL
62.4%
Los Angeles, CA
57.2%
San Diego, CA
55.3%
San Francisco, CA
55.2%
Denver, CO
52.8%
San Jose, CA
50.9%
Portland, OR
50.3%
Virginia Beach, VA
48.1%
Sacramento, CA
44.6%
Phoenix, AZ
44.6%
Boston is the 17th of the 36 cities in the study, with a 40.1%
Top 10 by % of income dedicated to mortgage
Current % of monthly income devoted to mortgage payments on median-priced home (Q4 2013)
AREA
PERCENTAGE
Los Angeles, CA
39.6%
San Francisco, CA
39.3%
San Jose, CA
36.0%
San Diego
32.8%
New York
25.3%
Sacramento, CA
24.5%
Riverside, CA
22.6%
Boston, MA
22.3%
Seattle, WA
21.5%
Portland, OR
20.5%

SOURCE: Zillow

Chiqui Esteban/Globe Staff

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