Reblogged from Realtor.com – Judy Dutton
Whether you can afford to buy a home largely boils down to two things: where you live and how much money you earn. Wondering if your paycheck passes muster in your preferred neighborhood? New analysis from mortgage website HSH.com has pinpointed the minimum salary you’d need to purchase a home in various cities—and wow, the range just goes to show just how much pricier (and cheaper) certain places are than others!
To come to these latest figures, HSH.com examined the National Association of Realtors®’ 2015 third-quarter median home prices in 27 metropolitan areas, along with HSH.com’s 2015 third-quarter average interest rates for a 30-year, fixed-rate mortgage. From there, it tallied up how much it would cost to afford the monthly payments on an average home—principal, interest, taxes, and insurance—if you put down 20%. Oh, and you would still have money to eat and otherwise make ends meet.
While you can check out HSH.com for a full rundown of the base salary required in all 27 cities, here’s a glance at a dozen worth noting, from least to most expensive.
Median home price: $201,200
Monthly mortgage payment: $1,103
Salary needed: $47,500
The views expressed are my own and do not necessarily reflect the views of my employer.
Visit my website at: www.juliecnichols.com or contact me with any of your home loan questions.