Saturday, August 23 2014 3:45 PM EDT2014-08-23 19:45:44 GMT
A senior Hamas leader says the group signed a pledge to back any Palestinian bid to join the International Criminal Court. Such a step could expose Israel - as well as Hamas - to war crimes investigations.More >>
Israel bombed an apartment tower in downtown Gaza City on Saturday, collapsing the 12-story building in an unprecedented strike, while Hamas kept up heavy rocket fire that sent more Israelis fleeing border areas close to...More >>
Saturday, August 23 2014 3:35 PM EDT2014-08-23 19:35:39 GMT
Organizers expect up to 5,000 people to attend a march protesting the death of an unarmed black man who died after being placed in a chokehold by a white New York police officer.More >>
Thousands of people expressing grief, anger and hope for a better future marched peacefully through Staten Island on Saturday to protest the chokehold death of an unarmed black man by a white police officer.More >>
Saturday, August 23 2014 3:28 PM EDT2014-08-23 19:28:26 GMT
After starting in Kentucky earlier in the month of August, post about "Purge" events have quickly spread across the country. It all started in Louisville, when a picture popped up on social media statingMore >>
The Montgomery Police Department say they have been made aware of the picture that is circulating social media, and are taking the matter very seriously.More >>
Saturday, August 23 2014 2:55 PM EDT2014-08-23 18:55:59 GMT
Iceland's Meteorological Office is reporting a surge in seismic activity at the restless Bardarbunga volcano, but sees no evidence yet of any eruptions.More >>
Iceland's Bardarbunga volcano began erupting Saturday under the ice of Europe's largest glacier, prompting the country to close the airspace over the volcano.More >>
PHOENIX (CBS5) -
The Phoenix metro area ranks 21st out of 25 major cities in a new car affordability study conducted by Interest.com.
Accounting for the region's median income and car insurance costs, Interest.com determined that typical Phoenix area households can afford to spend up to $17,243 on a car. The average new car, however, costs $30,550.
"What this research indicates, more than anything, is that a lot of Americans are spending too much money on their cars," Interest.com Managing Editor Mike Sante.
When calculating how much a household can afford to spend on a car or light truck, Interest.com considered three key factors that are commonly referred to as the "20/4/10" rule. That is: a down payment of at least 20 percent; financing lasting no longer than four years; and principal, interest and insurance not exceeding 10 percent of a household's gross income.
Interest.com recommends that median-income households spend no more than the following amounts on vehicle payments (principal and interest) in total and each month.
The average price of a new car or light truck in 2012 was $30,550, according to TrueCar. That equates to a monthly payment of about $601.