Tuesday, August 30, 2016

Homeownership comes with costs—in some markets more than others. How much will you need to earn to purchase a home in your area?

HSH.com recently calculated the salaries needed to afford housing payments on a median-priced home in 25 metropolitan areas, including mortgage principal and interest, taxes and insurance. HSH assumed a 20 percent down payment and weighed the standard 28 percent “front-end” debt ratio with the most recent median home prices reported by the National Association of REALTORS®.

The salary minimums, according to HSH’s calculations, are:

1. Cincinnati, Ohio – $37,179
2. St. Louis, Mo. – $38,131
3. Detroit, Mich. – $38,542
4. Atlanta, Ga. – $40,092
5. Phoenix, Ariz. – $44,716
6. Tampa, Fla. – $44,875
7. San Antonio – $48,753
8. Orlando, Fla. – $49,382
9. Minneapolis, Minn. – $51,794
10. Houston, Texas – $52,275
11. Philadelphia, Pa. – $53,422
12. Dallas, Texas – $54,764
13. Baltimore, Md. – $56,837
14. Chicago, Ill. – $62,456
15. Miami, Fla. – $65,120
16. Sacramento, Calif. – $65,363
17. Portland, Ore. – $70,613
18. Denver, Colo. – $72,847
19. Washington, D.C. – $81,940
20. Seattle, Ore. – $82,671
21. New York, N.Y. – $86,215
22. Boston, Mass. – $87,557
23. Los Angeles, Calif. – $92,092
24. San Diego, Calif. – $109,441
25. San Francisco, Calif. – $161,948

Don’t see your area listed? Consult a local real estate professional for the most accurate affordability estimates for your area, or visit HSH.com/finance/mortgage/salary-home-buying-25-cities.html.

Source: HSH.com
 

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