Salary Needed for a Median-Priced Home in 27 Metro Areas

salary bag(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.

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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.

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About Jeff Sorg

Jeff Sorg is a co-founder of OnlineEd®, an online real estate, mortgage broker, and vocational school founded in 1997, where he also serves as Chief Executive Officer, and School Director. Sorg holds vocational and post-secondary school instructor licenses in several states and has authored numerous real estate continuing education and pre-licensing courses and has been awarded the International Distance Education Certification Center's CDEi Designation for distance education. Memberships include ARELLO (Association of Real Estate License Law Officials), the National Association of REALTORS®, Oregon Association of REALTORS®, and Portland Metro Association of REALTORS®. Awards and service include REALTOR® Emeritus in the National Association, Life Member award in Portland Metro Association and Chairperson of the Oregon Real Estate Forms Committee. OnlineEd® provides real estate, mortgage broker, insurance, and contractor pre-license, post-license, continuing education, career enhancement, and professional development and designation courses over the Internet.