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How Many Hours Americans Need to Work to Pay Their Mortgage

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How Many Hours Americans Need to Work to Pay Their Mortgage

How Many Hours Americans Need to Work to Afford a Home

When it comes to the cost of living in cities, a general rule of thumb is that housing prices are much higher in the country’s economic and population hubs, especially in the cities along the coasts.

Particularly in recent years, prices have been pushed sky-high in places like New York City or San Francisco through a combination of limited supply of new homes, increasing demand, shifting demographics, and government regulations.

Putting it Into Perspective

Today’s visualization from HowMuch.net applies a common denominator to compare 97 of the biggest cities in the United States. Using a measure of median household income against the average mortgage payment in each city, we get a gauge of how many hours must be worked each month just to pay down the house.

The visualization uses data from the U.S. Census for household income and Zillow for median home listing price, while calculating mortgage payments based on a standard 30-year term.

The Results

Using the above method to compare the amount of hours it takes to pay down a monthly mortgage, we see some interesting contrasts in the country.

Here are the five most expensive cities in the United States for housing:

RankCityMedian IncomeMedian ListingHours of Work to Pay Mortgage
#1New York City$53,373$798,000113.5
#2Los Angeles$50,205$748,000112.4
#3Miami$31,051$449,000109.4
#4San Francisco$82,294$1,150,000106.7
#5Boston$55,777$699,00094.7

With about 170 hours in a normal work month, the average people in these cities are spending 50% or more of their income just to pay down their mortgages. It’s worst in New York City and Los Angeles, where at least 65% of income is going towards housing.

These cities stand in stark contrast to the five cheapest cities based on hours of work needed:

RankCityMedian IncomeMedian ListingHours of Work to Pay Mortgage
#93Baltimore$42,241$139,00024.9
#94Buffalo$31,918$90,00021.4
#95Cleveland$26,150$70,00020.3
#96Memphis$36,445$88,50018.4
#97Toledo$33,687$74,90016.9

In a city like Memphis, TN it takes only 18.4 hours of work a month to pay down the average mortgage. That’s equal to only about 10% of monthly household income.

Coastal Disparity

Interestingly, even though coastal hubs have high prices relative to the cities in the middle of the country, they differ quite widely against each other. This discrepancy does not necessarily show in terms of ranking, but more in terms of the actual hours of work needed.

RankCityMedian IncomeMedian ListingHours of Work to Pay Mortgage
#1New York City$53,373$798,000113.5
#2Los Angeles$50,205$748,000112.4
#4San Francisco$82,294$1,150,000106.7
#5Boston$55,777$699,00094.7
#10San Jose$84,647$825,00073.5
#12Seattle$70,594$679,00072.8
#24Washington, D.C.$70,848$550,00058.9

Washington, D.C., for example, requires less than half the hours of work to pay down a mortgage than Los Angeles or New York City. Meanwhile, a popular west coast hub like Seattle only needs 72.8 hours in comparison to New York’s 113.5 hours.

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Agriculture

The World’s Top Cocoa Producing Countries

Here are the largest cocoa producing countries globally—from Côte d’Ivoire to Brazil—as cocoa prices hit record highs.

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This tree map graphic shows the world's biggest cocoa producers.

The World’s Top Cocoa Producing Countries

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

West Africa is home to the largest cocoa producing countries worldwide, with 3.9 million tonnes of production in 2022.

In fact, there are about one million farmers in Côte d’Ivoire supplying cocoa to key customers such as Nestlé, Mars, and Hershey. But the massive influence of this industry has led to significant forest loss to plant cocoa trees.

This graphic shows the leading producers of cocoa, based on data from the UN FAO.

Global Hotspots for Cocoa Production

Below, we break down the top cocoa producing countries as of 2022:

Country2022 Production, Tonnes
🇨🇮 Côte d'Ivoire2.2M
🇬🇭 Ghana1.1M
🇮🇩 Indonesia667K
🇪🇨 Ecuador337K
🇨🇲 Cameroon300K
🇳🇬 Nigeria280K
🇧🇷 Brazil274K
🇵🇪 Peru171K
🇩🇴 Dominican Republic76K
🌍 Other386K

With 2.2 million tonnes of cocoa in 2022, Côte d’Ivoire is the world’s largest producer, accounting for a third of the global total.

For many reasons, the cocoa trade in Côte d’Ivoire and Western Africa has been controversial. Often, farmers make about 5% of the retail price of a chocolate bar, and earn $1.20 each day. Adding to this, roughly a third of cocoa farms operate on forests that are meant to be protected.

As the third largest producer, Indonesia produced 667,000 tonnes of cocoa with the U.S., Malaysia, and Singapore as major importers. Overall, small-scale farmers produce 95% of cocoa in the country, but face several challenges such as low pay and unwanted impacts from climate change. Alongside aging trees in the country, these setbacks have led productivity to decline.

In South America, major producers include Ecuador and Brazil. In the early 1900s, Ecuador was the world’s largest cocoa producing country, however shifts in the global marketplace and crop disease led its position to fall. Today, the country is most known for its high-grade single-origin chocolate, with farms seen across the Amazon rainforest.

Altogether, global cocoa production reached 6.5 million tonnes, supported by strong demand. On average, the market has grown 3% annually over the last several decades.

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