How Much Income Home Buyers Need to Purchase DAILY REAL ESTATE NEWS | TUESDAY, DECEMBER 03, 2013 The necessary income it takes to buy a median-priced home varies quite a bit across the country. In Cleveland, you could earn $22,000 a year and still afford a house, but in San Francisco, you need to earn six times that — $125,072. HSH Associates, a publisher of mortgage data, evaluated 25 major metros to see how much income home buyers need to earn in order to purchase a median-priced home and cover the principal and interest payment on the mortgage. The survey uses median home price data from the National Association of REALTORS®’ third-quarter report, and subtracts a 20 percent down payment from those numbers. The list does not factor in taxes, mandatory insurance, or home owner fees. Here are some of the cities where you would need to earn the least amount in order to purchase a median-priced home there: Cleveland: $22,348 Cincinnati: $25,151 St. Louis: $25,228 Atlanta: $26,863 Tampa: $26,930 Orlando: $29,631 Here are some of the cities that require the highest salaries to afford a median-priced home: San Francisco: $125,072 San Diego: $85,843 Los Angeles: $79,177 New York City: $71,255 Boston: $68,956 Washington, D.C.: $68,345
Posted on: Tue, 03 Dec 2013 22:51:15 +0000
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