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RSS Study: Households with median incomes can only afford average new car price in one of America's 25 largest cities


Ringo64
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<p>Filed under: <a href="http://www.autoblog.com/category/carbuying/" rel="tag">Car Buying</a>, <a href="http://www.autoblog.com/category/earnings-financials/" rel="tag">Earnings/Financials</a></p><a href="/2013/03/03/households-with-median-incomes-can-only-afford-average-new-car-p/#continued"><img src="http://www.blogcdn.com/www.autoblog.com/media/2013/03/car-shopping.jpg" style="margin-top: 4px; margin-bottom: 4px; width: 628px; height: 419px;" /></a><br /><br /><a href="http://www.interest.com/"><em>Interest.com</em></a> has taken a look at the 25 largest metropolitan areas in the US to determine which median-income households in those areas can afford to purchase a new car. As it turns out, only those living in Washington, D.C. can realistically swing the payment on an average-priced model. In 2012, new cars and light trucks carried a median MSRP of $30,550, and <em>Interest.com</em> used the 20/4/10 rule to examine what exactly is affordable in each area.<br /><br />The rule states that a buyer should be able to offer a down payment of at least 20 percent, incur financing for no more than four years and endure a principal, interest and insurance totaling up to no more than 10 percent of household income. That works out to a monthly payment of $601. Households with an average income in Washington, D.C. can afford a payment of up to $628, while the next closest city, San Francisco, can only afford $537 per month. You can pick through the <a href="/2013/03/03/households-with-median-incomes-can-only-afford-average-new-car-p/#continued">cryptic press release below</a> for more information.<p><a href="http://www.autoblog.com/2013/03/03/households-with-median-incomes-can-only-afford-average-new-car-p/" rel="bookmark">Continue reading <em>Households with median incomes can only afford average new car price in one of America's 25 largest cities</em></a></p><p style="padding:5px;background:#ddd;border:1px solid #ccc;clear:both;"><a href="http://www.autoblog.com/2013/03/03/households-with-median-incomes-can-only-afford-average-new-car-p/">Households with median incomes can only afford average new car price in one of America's 25 largest cities</a> originally appeared on <a href="http://www.autoblog.com">Autoblog</a> on Sun, 03 Mar 2013 13:00:00 EST. Please see our <a href="http://www.weblogsinc.com/feed-terms/">terms for use of feeds</a>.</p><h6 style="clear: both; padding: 8px 0 0 0; height: 2px; font-size: 1px; border: 0; margin: 0; padding: 0;"></h6><a href="http://www.autoblog.com/2013/03/03/households-with-median-incomes-can-only-afford-average-new-car-p/" rel="bookmark" title="Permanent link to this entry">Permalink</a>&nbsp;|&nbsp;<a href="http://www.autoblog.com/forward/20481145/" title="Send this entry to a friend via email">Email this</a>&nbsp;|&nbsp;<a href="http://www.autoblog.com/2013/03/03/households-with-median-incomes-can-only-afford-average-new-car-p/#comments" title="View reader comments on this entry">Comments</a><div class="feedflare">

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