With mortgage rates hovering near historic lows, some consumers may be tempted to buy a home outside their budget. But not in Pittsford.
In WalletHub’s 2017 Home Overleverage Report, an analysis of more than 2,500 U.S. cities and towns found Pittsford homeowners are among the least overleveraged. Their median mortgage debt to median income and median home value is among the lowest in the country.
Pittsford residents have a median mortgage debt of $137,728, while their median home value is $234,400. With a median income of $53,056 annually, Pittsford homeowners have a mortgage debt-to-income ratio of 260 percent. Their mortgage debt-to-house value ratio is 59 percent.
Pittsford tied for the No. 1 ranking with 37 other towns.
Fairport ranked 12th in the report, with a number of other areas. Fairport residents have a median mortgage debt of $126,177 and a median home value of $167,800. The median salary in Fairport is $40,121, making their mortgage debt-to-income ratio 314 percent and their mortgage debt-to-house value ratio 75 percent.
Rochester residents, on the other hand, are not as mortgage savvy, according to the report. Rochester tied for 60th on the list, with a median mortgage debt of $77,016 and home value of $76,200. With a median income of $23,221, Rochester homeowners have a mortgage debt-to-income ratio of 332 percent and a mortgage debt-to-house value of 101 percent.
The most overleveraged area nationwide is San Luis Obispo, Calif., where the median mortgage debt is $333,641 and residents average just $16,565 in wages annually. Homeowners there have a mortgage debt-to-income ratio of 2,014 percent.
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