The Salary You Need to Afford a Home
In San Francisco, home buyers need
to earn $147,996 a year to afford the city's median home price of
$781,600, according to mortgage website HSH.com. Out of 27 major metros
analyzed by the site, San Francisco requires the highest salary in order
to pay for the mortgage principal, interest, taxes, and insurance
payments on a median-priced home.
By comparison, home buyers in Detroit only need to earn $36,915 annually to afford the median home price of $148,667 there.
Home buyers who want to live out West will need to earn the most to afford a home, the survey found. Data from the National Association of REALTORS® shows the following median home prices in 2015 across the four major geographic areas in the U.S.:
Source: “This 3D Map Shows How Much You Must Earn to Buy a Home in 27 Major U.S. Metros,” Howmuch.net (April 5, 2016)
By comparison, home buyers in Detroit only need to earn $36,915 annually to afford the median home price of $148,667 there.
Home buyers who want to live out West will need to earn the most to afford a home, the survey found. Data from the National Association of REALTORS® shows the following median home prices in 2015 across the four major geographic areas in the U.S.:
- Northeast: $262,500
- Midwest: $175,500
- South: $196,400
- West: $319,100
Source: “This 3D Map Shows How Much You Must Earn to Buy a Home in 27 Major U.S. Metros,” Howmuch.net (April 5, 2016)
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