(Jeff Sorg, OnlineEd) – In a recently released survey, HSH.com reports the various salaries needed to buy a home in 27 metro sites across the country. Here are some of the more interesting findings of the report:
- A buyer needs to earn a salary of $47,253.07 to afford the median-priced home, Nationally. Yet if they put only 10 percent down instead of 20 percent, that salary increases to $54,341.84.
- San Francisco remains singularly unaffordable for all but the highest earners. To afford the median-priced home in the San Francisco metro area you will have to earn an eye-popping $141,417 a year.
- Los Angeles is more affordable than New York City, but only by $159.
- Cleveland is the most affordable metro on our list.
Visit HSN to view the complete report and to see how much salary you would need to earn in order to afford the principal, interest, taxes and insurance payments on a median-priced home in 27 metro areas.
For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers, visit www.OnlineEd.com.
This article was published on May 28, 2015. All information contained in this posting is deemed correct and current as of this date, but is not guaranteed by the author and may have been obtained by third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.