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DAILY REAL ESTATE NEWS TUESDAY, MARCH 08, 2016
Can you afford to buy a home? It’s a common question among potential home buyers. HSH.com recently identified exactly how much is needed to earn in order to afford the mortgage (including principal, interest, taxes, and insurance payments) on a median-priced home in 27 metro areas.
HSH.com used National Association of REALTORS® 2015 data from the fourth quarter on median-home prices and the fourth quarter interest rate for the 30-year fixed-rate mortgage to help determine the salary needed.
For buyers with a 10 percent down payment instead of a 20 percent down payment, the salary for the metro areas studied rose anywhere from $4,200 to $31,000, according to HSH.com.
The following is a breakdown of the salary needed for each of the 27 metros studied:
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Pittsburgh Cleveland Cincinnati St. Louis Detroit Atlanta Tampa, Fla. Phoenix San Antonio Orlando, Fla. Minneapolis Philadelphia Dallas Houston Baltimore Chicago Sacramento, Calif. Miami Portland Denver Seattle Washington Boston New York Los Angeles San Diego San Francisco |
$31,134.50 $32,523.47 $33,967.01 $34,777.53 $36,914.56 $37,551.08 $41,922.58 $43,937.76 $46,974.78 $47,810.81 $50,250.68 $51,622.40 $51,806.01 $52,163.93 $52,864.57 $57,982.85 $62,143.45 $63,048.07 $65,917.47 $68,436.22 $78,424.93 $78,625.71 $83,151.43 $86,770.19 $95,040.20 $103,164.96 $147,996.19 |
View the full chart of the 27 metros analyzed at HSH.com.
Source: “The Salary You Must Earn to Buy a Home in 27 Metros,” HSH.com (March 2, 2016)
