canada goose 10 US cities that make it easier to build wealth thanks to savings in one key area Tanza Loudenback Oct. 27, 2017, 11:18 AM The road to getting rich doesn’t have to be flashy. Nick Starichenko/Shutterstock Building wealth requires focusing on saving and investing.That means keeping expenses low, especially housing costs.Homeowners in these 10 cities spend 16% or less of their income on mortgage payments, well below the recommended 30%.America’s richest people may have stories of sudden wealth and start-up success, but for most people in the US the journey to financial security is slow and steady. After all mild-und-leise , building wealth isn’t just about income. It’s about keeping your major expenses low so you can focus on saving and investing, and that may start with choosing the right place to live. Housing costs account for about 37% of take-home pay for the average American. Many people spend even more. In some circumstances — if you live in San Francisco or New York, for instance, where affordability is increasingly difficult to come by — spending a lot on rent or a mortgage is unavoidable. But making a few sacrifices on housing expenses today could lead to significant savings — and a far more comfortable future. New data from HowMuch.net reveals the cities where the average monthly mortgage payment takes up the smallest share of the median paycheck, enabling residents to build wealth by saving and investing the extra money. The standard measure of housing affordability says Americans should spend no more than 30% of pre-tax income on housing. In the 10 cities below, the average homeowner spends 16% or less of their income on their mortgage payment. For each city, we’ve included the median annual income, median home listing price, monthly mortgage payment assuming a 30-year fixed rate, and the percentage of income that goes toward housing. 1/ 10. Columbus, Ohio f11photo/Shutterstock Median listing price: $163,840 Monthly mortgage payment: $597 Median household income: $45,659 Income spent on housing: 15.7% 2/ 9. Indianapolis, Indiana alexeys/Shutterstock Median listing price: $145,000 Monthly mortgage payment: $529 Median household income: $41,987 Income spent on housing: 15.1% 3/ 8. Milwaukee, Wisconsin Rudy Balasko/Shutterstock Median listing price: $124,800 Monthly mortgage payment: $452 Median household income: $35,958 Income spent on housing: 15% 4/ 7. Fort Wayne, Indiana City of Fort Wayne – Municipal Government/Facebook Median listing price: $149,900 Monthly mortgage payment: $543 Median household income: $43,774 Income spent on housing: 14.9% 5/ 6. Wichita, Kansas City of Wichita-Government/Facebook Median listing price: $153,900 Monthly mortgage payment: $558 Median household income: $45,947 Income spent on housing: 14.6% 6/ 5. Baltimore, Maryland S.Borisov/Shutterstock Median listing price: $139,000 Monthly mortgage payment: $504 Median household income: $42 mild-und-leise ,241 Income spent on housing: 14.3% 7/ 4. Buffalo, New York REUTERS/Lindsay DeDario Median listing price: $90,000 Monthly mortgage payment: $327 Median household income: $31,918 Income spent on housing: 12.3% 8/ 3. Cleveland, Ohio f11photo/Shutterstock Median listing price: $70,000 Monthly mortgage payment: $255 Median household income: $26,150 Income spent on housing: 10.3% 9/ 2. Memphis, Tennessee f11photo/Shutterstock Median listing price: $88,500 Monthly mortgage payment: $321 Median household income: $36,445 Income spent on housing: 10.6% 10/ 1. Toledo, Ohio Shutterstock Median listing price: $74,900 Monthly mortgage payment: $273 Median household income: $33,687 Income spent on housing: 9.7% Previous 1/ Next SEE ALSO: Here's the best time of year to buy a home — and when to start house hunting to find the best deal DON'T MISS: 9 places in the US where people are happier, living longer, and least likely to run out of money canada goose parka
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