DETROIT – When it comes to car affordability, Metro Detroit is lagging behind most metropolitan areas in what people can manage to pay.
New research from Interest.com shows the Detroit area ranks 23rd of the 25 top metro areas.
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The website looked at median income, insurance costs, and calculated how much the average car buyer should be spending each month on a new car. It found Metro Detroiters should be paying $332 a month for a car. Unfortunately, the average new car payment is about $600.
"What this research indicates, more than anything, is that a lot of Americans are spending too much money on their cars," said Mike Sante, managing editor of Interest.com. "Car costs are one of the most controllable parts of a household's budget."
1. Washington, D.C.
Affordable Purchase Price: $31,940
Maximum Monthly Payment: $628
2. San Francisco
Affordable Purchase Price: $26,786
Maximum Monthly Payment: $537
3. Boston
Affordable Purchase Price: $26,025
Maximum Monthly Payment: $507
4. Baltimore
Affordable Purchase Price: $24,079
Maximum Monthly Payment: $468
5. Minneapolis
Affordable Purchase Price: $24,042
Maximum Monthly Payment: $470
6. Seattle
Affordable Purchase Price: $22,963
Maximum Monthly Payment: $466
7. Portland, Ore.
Affordable Purchase Price: $21,985
Maximum Monthly Payment: $397
8. Denver
Affordable Purchase Price: $21,835
Maximum Monthly Payment: $432
9. San Diego
Affordable Purchase Price: $21,781
Maximum Monthly Payment: $433
10. New York City
Affordable Purchase Price: $21,464
Maximum Monthly Payment: $431
11. Philadelphia
Affordable Purchase Price: $21,069
Maximum Monthly Payment: $419
12. Chicago
Affordable Purchase Price: $20,616
Maximum Monthly Payment: $417
13. Los Angeles
Affordable Purchase Price: $20,385
Maximum Monthly Payment: $410
14. Sacramento
Affordable Purchase Price: $19,965
Maximum Monthly Payment: $397
15. Dallas
Affordable Purchase Price: $19,959
Maximum Monthly Payment: $389
16. Houston
Affordable Purchase Price: $19,811
Maximum Monthly Payment: $386
17. Milwaukee
Affordable Purchase Price: $19,297
Maximum Monthly Payment: $373
18. Atlanta
Affordable Purchase Price: $19,122
Maximum Monthly Payment: $376
19. St. Louis
Affordable Purchase Price: $18,550
Maximum Monthly Payment: $371
20. Pittsburgh
Affordable Purchase Price: $17,298
Maximum Monthly Payment: $340
21. Phoenix
Affordable Purchase Price: $17,243
Maximum Monthly Payment: $348
22. San Antonio
Affordable Purchase Price: $17,137
Maximum Monthly Payment: $334
23. Detroit
Affordable Purchase Price: $17,093
Maximum Monthly Payment: $332
24. Miami
Affordable Purchase Price: $15,188
Maximum Monthly Payment: $295
25. Tampa
Affordable Purchase Price: $14,516
Maximum Monthly Payment: $282
More information is available at: www.interest.com