Housing: The salary you would have to earn to buy a home in 19 major US cities
In the market for a home? Read on
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.In the market for a home? 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 fourth-quarter 2015 data.
Thanks to lower mortgage rates and home prices, houses were more affordable in nearly every metro area measured than they had been in the previous quarter. The National Association of Realtors told HSH.com that it doesn't expect this trend to continue. The site also calculated how it would change the salary needed to buy a home if a buyer were to put 10 per cent down instead of the recommended 20 per cent. No matter where you are, it's more expensive — you can visit HSH.com to see both numbers.
The site 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. Salaries listed are rounded to the nearest $500.
19. San Antonio
Population: 1,409,000
Median Home Price: $192,100
Monthly Mortgage Payment: $1,096
Salary Needed to Buy: $46,000
18. Orlando
Population: 255,483
Median Home Price: $205,000
Monthly Mortgage Payment: $1,115
Salary Needed to Buy: $48,000
17. Minneapolis
Population: 407,207
Median Home Price: $223,700
Monthly Mortgage Payment: $1,172
Salary Needed to Buy: $50,500
16. Philadelphia
Population: 1,517,628
Median Home Price: $213,700
Monthly Mortgage Payment: $1,204
Salary Needed to Buy: $51,500
15. Dallas
Population: 2,518,638
Median Home Price: $206,200
Monthly Mortgage Payment: $1,208
Salary Needed to Buy: $52,000
14. Houston
Population: 2,076,189
Median Home Price: $209,200
Monthly Mortgage Payment: $1,217
Salary Needed to Buy: $52,000
13. Baltimore
Population: 640,064
Median Home Price: $233,500
Monthly Mortgage Payment: $1,233
Salary Needed to Buy: $53,000
12. Chicago
Population: 2,824,584
Median Home Price: $209,800
Monthly Mortgage Payment: $1,352
Salary Needed to Buy: $58,000
11. Sacramento
Population: 479,686
Median Home Price: $294,100
Monthly Mortgage Payment: $1,450
Salary Needed to Buy: $62,000
10. Miami
Population: 417,650
Median Home Price: $286,000
Monthly Mortgage Payment: $1,471
Salary Needed to Buy: $63,000
9. Portland
Population: 609,456
Median Home Price: $318,300
Monthly Mortgage Payment: $1,538
Salary Needed to Buy: $66,000
8. Denver
Population: 649,495
Median Home Price: $353,500
Monthly Mortgage Payment: $1,596
Salary Needed to Buy: $68,500
7. Seattle
Population: 652,405
Median Home Price: $385,300
Monthly Mortgage Payment: $1,829
Salary Needed to Buy: $78,500
6. Washington, DC
Population: 582,049
Median Home Price: $371,600
Monthly Mortgage Payment: $1,834
Salary Needed to Buy: $78,500
5. Boston
Population: 645,966
Median Home Price: $393,600
Monthly Mortgage Payment: $1,940
Salary Needed to Buy: $83,000
4. New York City
Population: 8,213,839
Median Home Price: $384,600
Monthly Mortgage Payment: $2,024
Salary Needed to Buy: $87,000
3. Los Angeles
Population: 3,794,640
Median Home Price: $481,900
Monthly Mortgage Payment: $2,217
Salary Needed to Buy: $95,000
2. San Diego
Population: 1,284,347
Median Home Price: $546,800
Monthly Mortgage Payment: $2,407
Salary Needed to Buy: $103,000
1. San Francisco
Population: 777,660
Median Home Price: $781,600
Monthly Mortgage Payment: $3,453
Salary Needed to Buy: $148,000
Read more:
• Stocks almost erase 2016 losses as bulls charge
• Russia is trying to topple Angela Merkel, according to a Nato expert
• This map shows how much the refugee crisis is dividing Europe
Read the original article on Business Insider UK. © 2015. Follow Business Insider UK on Twitter.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments