Here’s a look at 6 metro areas where you would need to earn a 6-figure salary to buy a median-priced home:
Share to twitterIn Los Angeles, a salary of least $124,080 is needed to buy a home with a median price of $649,600.The dream of homeownership is alive and well for many Americans despite considerable obstacles, including rising home prices, saving for a down payment and student debt.report for October 2019, which shows home prices rose both year over year and month over month. Home prices increased nationally by 3.5% from October 2018. On a month-over-month basis, prices increased by 0.
HSH.com calculated the annual before-tax income required to cover the mortgage's principal, interest, property tax and homeowner's insurance payment. The study also used industry-standard mortgage-to-debt earnings ratios and a 20% down payment subtracted from the median home price data. The median price is the figure in the middle of a data set in which half of the houses are priced for less and half are priced for more.
Here’s a look at six metro areas where you would need to earn a six-figure annual salary to buy a median-priced home. Adobe StockIn the San Jose metro area, you need to earn at least $228,998 to afford the median-priced house at $1.24 million with a 30-year fixed-rate mortgage at 4.03% and a 20% down payment, making it the most expensive region in the country. The monthly payment would be $5,343.
Potential home buyers of more modest means looking to buy homes often struggle to come up with a down payment and closing costs, especially in heated markets. To help would-be home buyers, HSH offers a Real estate data providerhas been tracking the most expensive Zip codes for years, analyzing nationwide residential transactions to provide a snapshot of the most expensive markets.
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