South Florida worst for car affordability - Fox29 WFLX TV, West Palm Beach, FL-news & weather

South Florida worst for car affordability

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Buying a new car doesn't mean you can afford it.

According to a study released Wednesday by bankrate.com, a median-income household can only afford the average-priced new car in just one of the 25 largest U.S. cities... Washington, D.C.

Bankrate considered three key factors when purchasing a car. They are commonly referred to as the 20/4/10 rule.

The rule is a 20 percent down payment, financing lasting no longer than four years, and principal interest and insurance not exceeding 10 percent of a household's gross income.

The top five metros for car affordability are:

1. Washington, D.C.
2. San Francisco
3. Boston
4. Seattle
5. Minneapolis/St. Paul

The five worst are:
25. Miami/Fort Lauderdale/West Palm Beach
24. Detroit
23. Tampa
22. Orlando
21. San Antonio

 

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