Tajuk : Here’s the salary you have to earn to buy a home in 19 major US cities
link : Here’s the salary you have to earn to buy a home in 19 major US cities
Here’s the salary you have to earn to buy a home in 19 major US cities
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In the first quarter of 2017, mortgage rates and home prices continued to rise. Seattle, Washington (pictured), is one of the most expensive housing markets in the US.
If you want to buy a home, it will cost you.
Mortgage site HSH.com has updated its estimate of how much annual income a household would need to buy a home in major metropolitan areas in the US, according to first-quarter 2016 data.
In Q1, the site found that the prices of sold homes in the majority of the markets it examined dropped from Q4 2016, but an increase in 30-year mortgage rates more than countered that drop. Between the mortgage rates and the prices — which may have been less than Q4 but were still more than a year prior — the average home price increased by about 9% across all markets.
HSH.com looked at median home prices from the National Association of Realtors. It took into account interest rates for common 30-year fixed-rate mortgages and property taxes and insurance costs to figure out how much money it would take to pay a median-priced home’s mortgage, taxes, and insurance in each city, and how much you’d have to earn to afford it.
HSH.com emphasizes that this is only the base cost of owning a home, without taking into account maintenance and other incidentals.
The site also calculated how it would change the salary needed to buy a home if a buyer were to put 10% down instead of the recommended 20%. No matter where you are, putting down less makes things more expensive — you can visit HSH.com to see both numbers.
Salaries are listed from lowest to highest needed and are rounded to the nearest $500.
19. San Antonio
Population: 1,409,000
Median home price: $202,600
Monthly mortgage payment: $1,186
Salary needed to buy: $51,000
18. Philadelphia
Population: 1,517,628
Median home price: $209,000
Monthly mortgage payment: $1,221
Salary needed to buy: $52,500
17. Orlando
Population: 255,483
Median home price: $230,000
Monthly mortgage payment: $1,229
Salary needed to buy: $52,500
16. Minneapolis
Population: 407,207
Median home price: $234,700
Monthly mortgage payment: $1,254
Salary needed to buy: $54,000
15. Baltimore
Population: 640,064
Median home price: $237,600
Monthly mortgage payment: $1,281
Salary needed to buy: $55,000
14. Houston
Population: 2,076,189
Median home price: $222,300
Monthly mortgage payment: $1,296
Salary needed to buy: $55,500
13. Dallas
Population: 2,518,638
Median home price: $236,500
Monthly mortgage payment: $1,362
Salary needed to buy: $58,500
12. Chicago
Population: 2,824,584
Median home price: $228,600
Monthly mortgage payment: $1,386
Salary needed to buy: $59,500
11. Sacramento
Population: 479,686
Median home price: $319,700
Monthly mortgage payment: $1,589
Salary needed to buy: $68,000
10. Miami
Population: 417,650
Median home price: $318,000
Monthly mortgage payment: $1,637
Salary needed to buy: $70,000
9. Portland
Population: 609,456
Median home price: $359,900
Monthly mortgage payment $1,727
Salary needed to buy: $74,000
8. Denver
Population: 649,495
Median home price: $396,100
Monthly mortgage payment: $1,812
Salary needed to buy: $77,500
7. Washington, DC
Population: 582,049
Median home price: $383,500
Monthly mortgage payment: $1,926
Salary needed to buy: $82,500
6. Seattle
Population: 652,405
Median home price: $422,100
Monthly mortgage payment: $2,017
Salary needed to buy: $86,500
5. Boston
Population: 645,966
Median home price: $414,200
Monthly mortgage payment: $2,133
Salary needed to buy: $91,500
4. New York City
Population: 8,213,839
Median home price: $386,000
Monthly mortgage payment: $2,233
Salary needed to buy: $95,500
3. Los Angeles
Population: 3,794,640
Median home price: $465,800
Monthly mortgage payment: $2,299
Salary needed to buy: $98,500
2. San Diego
Population: 1,284,347
Median home price: $564,000
Monthly mortgage payment: $2,605
Salary needed to buy: $111,500
1. San Francisco
Population: 777,660
Median home price: $815,400
Monthly mortgage payment: $3,759
Salary needed to buy: $161,000
Read more stories on Business Insider, Malaysian edition of the world’s fastest-growing business and technology news website.
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