Good luck affording a home in some of these cities
Specifically, technology-rich Silicon Valley, led by San Jose and San Francisco, dominates the list of the most-expensive metros, while the Midwest and the South occupy the other end of the affordability spectrum.
Cost-estimating website HowMuch.net used data from mortgage information site HSH Associates to create this map of the United States: To come up with the figures, HSH compiled median home-price data for the top 50 metro areas from the National Association of Realtors, along with mortgage rate data from Freddie Mac and property tax and homeowner’s insurance costs figures to calculate the salary it takes to afford a home.Overall, the study noted that buyers would need to earn a household income of $61,453 a year to afford the average U.S. home.Shawn Langlois Shawn Langlois is an editor and writer for MarketWatch in Los Angeles.
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