Here’s what you need to earn to afford a home in the biggest U.S. cities

No surprise: The biggest spikes belong to the coasts.
Specifically, technology-rich Silicon Valley, led by San Jose and San Francisco, dominates the list of the most-expensive metros, while the Midwest and the South occupy the other end of the affordability spectrum.
Cost-estimating website HowMuch.net used data from mortgage information site HSH Associates to create this map of the United States:
To come up with the figures, HSH compiled median home-price data for the top 50 metro areas from the National Association of Realtors, along with mortgage rate data from Freddie Mac and property tax and homeowner’s insurance costs figures to calculate the salary it takes to afford a home.
The analysis also accounted for a down payment of 20%.
Overall, the study noted that buyers would need to earn a household income of $61,453 a year to afford the average U.S. home.
Here are the five metros with the highest salary requirements:
  • 1. San Jose, CA - $254,835.73
  • 2. San Francisco,CA - $198,978.01
  • 3. San Diego, CA - $131,640.79
  • 4. Los Angeles, CA - $123,156.01
  • 5. Boston, MA - $106,789.93
And the five with the lowest:
  • 1. Pittsburgh, PA - $37,659.86
  • 2. Cleveland, OH - $40,437.72
  • 3. Oklahoma City, OK - $41,335.41
  • 4. Memphis, TN - $41,400.93
  • 5. Indianapolis, IN - $42,288.92
Here’s what you need to earn to afford a home in the biggest U.S. cities Here’s what you need to earn to afford a home in the biggest U.S. cities Reviewed by STATION GOSSIP on 08:12 Rating: 5

3 comments:

  1. doesn't seem to matter , lenders make it hard to own not income.

    ReplyDelete
  2. It isn't the price of the home as much as it is the fact that you can never own it. Try not paying the extortion demanded by your city/county and see who the real owner is. No property rights in America. WTF?

    ReplyDelete
  3. Don't forget the other extortionists the HOA(Home Owners Association)that dictates your Christmas/Halloween decorations and will put a lien on your home in a heartbeat(or try to).

    ReplyDelete

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