10 Cities Where You Can Pay Your Mortgage the Fastest

TWL_2016_Jan9Most homeowners have swallowed the harsh reality that it will take 15 to 30 years to pay off the mortgage on their home. But for Americans who live in certain metro areas, that time could be cut down significantly according to a new Realtor.com report. Their analysts crunched the numbers for the 50 largest housing markets in the U.S. and found that homeowners in Cleveland, OH are in the best position to pay off their mortgages the quickest. How quickly? Based on median salary, average home price and a 28 percent debt-to-income ratio, Cleveland homeowners could be mortgage-free in as little as 5.4 years with an aggressive payment plan. Homeowners in the nation’s slowest mortgage payoff market—Los Angeles—are not so lucky. The report found it will take Los Angeles residents an average of 29.4 years to pay off their mortgages.

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