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Well, at least Boston isn’t Los Angeles

The Globe has an excellent interactive map and other stats showing that Bostonians have to shell out 22.3 percent of their income to pay for housing, specifically mortgages, making it considerably higher than the national average.

But the Bay State’s percentage is actually slightly down from previous years — and it’s far lower than what’s occurring in California.

In Los Angeles, for instance, residents there shell out an average 39.6 percent of their income for housing. You read that right: 39.6 percent. San Francisco is next (39.3 percent), followed by San Jose (36 percent) and San Diego (32.8 percent). Six of the top 10 cities are from California.

Boston ranks as the 8th highest income-gobbler for housing.

Read other posts about: Boston Real Estate

One Response to “Well, at least Boston isn’t Los Angeles” »»

  1. Comment by Anna | 08/09/14 at 12:46 am

    Your credit will tank but not as bad as a frrlceosuoe. You need approval from the bank and normally can’t get approval until you are in default (so you have to ruin your credit first) and normally the bank won’t approve it if you have liquid assets, good salary, or good debt to income ratios.The bank cannot come after you later for any shortfall on a short sale but can on a frrlceosuoe if you are in a recourse state or if you previously refinanced the loan.References : Was this answer helpful?

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