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Here's How Much Money You Must Earn To Buy A Home In 25 Big US Cities
Business Insider ^ | 02/18/2014 | MEGAN WILLETT

Posted on 02/18/2014 4:38:42 PM PST by SeekAndFind

The cost of living in America varies wildly.

In Cleveland, people need a base salary of at least $19,435 a year to afford the average home, while San Franciscans must make upward of $115,000 annually.

HSH.com, an online mortgage and consumer loan information website, figured out how much a person would have to earn to afford a home in 25 of the country's largest metropolitan areas.

To do so, HSH looked at the National Association of Realtors’ fourth-quarter data for median home prices and HSH.com’s fourth-quarter average interest rate for 30-year, fixed-rate mortgages to determine how much money homebuyers would need to earn in order to afford only the principal and interest payment on a median-priced home in their market. (They did not account for property taxes, insurance, and other expenses — read their methodology here.)

CLEVELAND: You'd have to earn at least $19,435 to buy an average home.

Wikimedia/Chris Gent

Average home price: $112,800

Monthly mortgage payment: $453.49

Minimum annual salary: $19,435.17

Source: HSH.com. See their full methodology here

CINCINNATI: You'd have to earn at least $22,227 to buy an average home.

Wikimedia Commons

Average home price: $128,700

Monthly mortgage payment: $518.63

Minimum annual salary: $22,226.95

Source: HSH.comSee their full methodology here

ST. LOUIS: You'd have to earn at least $22,398 to buy an average home.


(Excerpt) Read more at businessinsider.com ...


TOPICS: Business/Economy; Culture/Society; News/Current Events
KEYWORDS: housing; income

1 posted on 02/18/2014 4:38:42 PM PST by SeekAndFind
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To: SeekAndFind

Anyone who goes by “the minimum salary required” to buy a home should NOT be buying that home.


2 posted on 02/18/2014 4:42:56 PM PST by workerbee (The President of the United States is DOMESTIC ENEMY #1!)
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To: SeekAndFind

Detroit- $19.95...but if you call within the next 10 minutes...


3 posted on 02/18/2014 4:44:33 PM PST by stylin19a (Obama ----> Fredo smart)
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To: SeekAndFind

Buy a house in Cleveland?I’d love to hear the reasoning behind that bad idea.


4 posted on 02/18/2014 4:44:37 PM PST by Farmer Dean (stop worrying about what they want to do to you,start thinking about what you want to do to them)
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To: stylin19a

In Detroit it’s buy one,get one free.


5 posted on 02/18/2014 4:46:35 PM PST by Farmer Dean (stop worrying about what they want to do to you,start thinking about what you want to do to them)
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To: SeekAndFind

here in limosine liberal and....

The average price for Marin Cuunty single-family, re-sale homes in January reached its second highest level ever. The record high is $1,511,190 and last month the average price was $1,483,851


6 posted on 02/18/2014 4:46:41 PM PST by MeshugeMikey ("When you meet the unbelievers, strike at their necks..." -- Qur'an 47:4)
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To: workerbee

Amen


7 posted on 02/18/2014 4:49:01 PM PST by Osage Orange (I have strong feelings about gun control. If there's a gun around, I want to be controlling it.)
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To: SeekAndFind

ATLANTA:
You’d have to earn at least $24,391 to buy an average home.
Average home price: $142,400
Monthly mortgage payment: $569.12

This is a joke, right?


8 posted on 02/18/2014 4:49:09 PM PST by Repeal The 17th (We have met the enemy and he is us.)
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To: Repeal The 17th

I LOVE your handle!

I see you agree that the 17th was the beginning of the end for the USA!


9 posted on 02/18/2014 4:54:32 PM PST by freedumb2003 (Fight Tapinophobia in all its forms! Do not submit to arduus privilege.)
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To: Repeal The 17th

RE: This is a joke, right?

You might want to check the home prices of Atlanta over the years here:

http://www.deptofnumbers.com/asking-prices/georgia/atlanta/


10 posted on 02/18/2014 4:57:57 PM PST by SeekAndFind
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To: Repeal The 17th

Our median price is $700,000.00

Insanity !

.


11 posted on 02/18/2014 5:02:35 PM PST by Mears
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To: Repeal The 17th

Without a $75,000 down payment or 1% interest, it’s not a joke, it’s Bull Muffins


12 posted on 02/18/2014 5:08:49 PM PST by digger48
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To: SeekAndFind

I suppose that must include all those 2 bedroom condos in those mostly vacant high rise buildings down there around Ivan Allen?
Oh, that’s right.
You don’t know about that, because you don’t know what you are talking about, do you?
Not that that will stop you from commenting...


13 posted on 02/18/2014 5:16:11 PM PST by Repeal The 17th (We have met the enemy and he is us.)
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To: SeekAndFind

Notice how they don’t specify the property Tax which in many cases can be as much as the mortgage payment.


14 posted on 02/18/2014 5:16:41 PM PST by Revel
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To: All; SeekAndFind; workerbee; stylin19a; Farmer Dean; MeshugeMikey; Osage Orange; Repeal The 17th; ..

Luckily, there are jobs here that pay that much and more:

http://www.indeed.com/jobs?l=75221&rq=1&fromage=last

http://www.indeed.com/jobs?q=&l=76208


15 posted on 02/18/2014 5:18:31 PM PST by 2ndDivisionVet (I will raise $2M for Sarah Palin's next run, what will you do?)
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To: Revel

+ insurance . . .


16 posted on 02/18/2014 5:22:19 PM PST by pilipo (GOP=Gutless Old Party)
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To: 2ndDivisionVet

Oh, please.
Give me a break...

Membership Services Representative/Matchmacker
Great Expectations - Dallas, TX 75254 (Far North area)
Help Single People Find Love & Make Great Money Doing It!
Great Expectations, the nations largest and most successful
single’s service is currently seeking...


17 posted on 02/18/2014 5:22:56 PM PST by Repeal The 17th (We have met the enemy and he is us.)
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To: Repeal The 17th

Really? You pick the first ad instead of looking through a couple of pages? That’s the kind of laziness I expect from a leftist, not someone here.


18 posted on 02/18/2014 5:24:55 PM PST by 2ndDivisionVet (I will raise $2M for Sarah Palin's next run, what will you do?)
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To: 2ndDivisionVet

You sent the link, home boy, and that’s what it said.


19 posted on 02/18/2014 5:27:22 PM PST by Repeal The 17th (We have met the enemy and he is us.)
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To: 2ndDivisionVet; Repeal The 17th
That’s the kind of laziness I expect from a leftist, not someone here.

Laziness?? That was the most interesting job available. That's the one I'd be vying for.

20 posted on 02/18/2014 5:31:26 PM PST by BipolarBob
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To: Repeal The 17th

Yep, the first ad was from some matchmaking service. If it’d been McDonalds or Wendys would you have complained that it only featured “minimum-wage, soul-stealing burger flipper” jobs like the liberals do? One job is just that, one job.


21 posted on 02/18/2014 5:33:00 PM PST by 2ndDivisionVet (I will raise $2M for Sarah Palin's next run, what will you do?)
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To: Farmer Dean

Things are tough up there. The population is dying/moving away.

I visited last spring, the church I was baptized in, the church I attended as a youth, and my high school are all closed.

I’ll always be thankful to Mayor Dennis Kucinich for inspiring me to get the he!! out 30+ yrs ago.


22 posted on 02/18/2014 5:35:59 PM PST by nascarnation (I'm hiring Jack Palladino to investigate Baraq's golf scores.)
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To: 2ndDivisionVet

Yeah, right, uh-huh.
You are going to buy a house in Dallas while flipping burgers at McDonald’s or Wendy’s?
Once again, I ask you, give me a break.
You are just digging yourself in deeper.


23 posted on 02/18/2014 5:40:53 PM PST by Repeal The 17th (We have met the enemy and he is us.)
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To: Farmer Dean

Well, there are different parts of Cleveland, as there are in most cities. The lakefront properties are nice.

Here are a few for sale now. Click on the photos.

http://www.realtor.com/realestateandhomes-detail/11630-Harbor-View-Dr_Cleveland_OH_44102_M43971-40269?row=1

http://www.realtor.com/realestateandhomes-detail/10302-Edgewater-Dr_Cleveland_OH_44102_M35621-29295?row=2

And here’s a cheaper one. I used to live on the next street over when I was in high school.

http://www.realtor.com/realestateandhomes-detail/304-Groveland-Club-Dr_Cleveland_OH_44110_M46853-27706?row=3

Or in Bratenahl, the tiny suburb surrounded by Cleveland on three sides. The lake is the fourth side.

http://www.realtor.com/realestateandhomes-detail/17-E-Hanna-Ln_Bratenahl_OH_44108_M35198-11968?row=1

http://www.realtor.com/realestateandhomes-detail/9619-Lake-Shore-Blvd_Bratenahl_OH_44108_M42327-26080?row=3

Had a few friends in Bratenahl, but the houses were a bit steep for our family.


24 posted on 02/18/2014 5:43:04 PM PST by Right Wing Assault
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To: Repeal The 17th

There are ALL KINDS of good-paying jobs in the DFW metro area. I’m not with the chamber of commerce and I’m not here to convince you of anything. I provided a link to people on this tread. That’s it.


25 posted on 02/18/2014 5:44:08 PM PST by 2ndDivisionVet (I will raise $2M for Sarah Palin's next run, what will you do?)
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To: 2ndDivisionVet

Crawfish


26 posted on 02/18/2014 5:45:06 PM PST by Repeal The 17th (We have met the enemy and he is us.)
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To: Repeal The 17th

That means what?


27 posted on 02/18/2014 6:02:28 PM PST by 2ndDivisionVet (I will raise $2M for Sarah Palin's next run, what will you do?)
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To: SeekAndFind
The flaw in this article is that they appear to be basing this on the city proper and not taking into consideration the suburbs - which are often much pricier.

New York City for instance, you could buy a home in Queens, Brooklyn or the Bronx on $66k a year but if you want to live in a leafy NYC suburb like Greenwich, CT; Tarrytown, NY or Ramsey, NJ - think again. You'd be better off moving to San Francisco.

28 posted on 02/18/2014 6:12:15 PM PST by SamAdams76
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To: SeekAndFind

Good heavens! A $344K house in Seattle on a salary of $59K? I’m sorry, but no. I nearly went under buying a $130K condo at that salary. Managed it, but it wasn’t easy. I would gently suggest that their methodology needs to consider other costs, notably taxes, transportation, and other general costs of living such as childcare. Because unless you’re a single individual rattling around in a $344K house, you’ve got other expenses.


29 posted on 02/18/2014 6:13:30 PM PST by Billthedrill
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To: Farmer Dean
"In Detroit it’s buy one,get one free."

Yes, what a joke Detroit has become. They've shown houses on the market for $6. Yes SIX DOLLARS. But nobody will buy them.

Even if you wanted to gentrify the area, by the time you got home to your desolate neighborhood, it would be stripped in nothing flat.

And say hello to your new occupants. The local crack dealer.

30 posted on 02/18/2014 6:28:20 PM PST by boop (I just wanted a President. But I got a rock.)
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To: SeekAndFind

Now, lets modify the study and leave out the ghetto and the areas of the metro area that are overrun with illegals, that have destroyed property values. Then, you can tell me what the average price is and how much a person needs.


31 posted on 02/18/2014 6:51:44 PM PST by qaz123
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To: Farmer Dean

Actually the 128K they posited would buy one in the older part of my suburb with a great school district. More like a cottage really, but it would do for a family just starting.


32 posted on 02/18/2014 7:46:21 PM PST by reed13k (For evil to triumph it is only necessary for good men to do nothings)
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To: 2ndDivisionVet

I remember when the average home price in marin county was down around 250K..but thats been decades back.

the daily newspaper headline...was for years by and large....the announcement of the average home price...


33 posted on 02/18/2014 8:25:24 PM PST by MeshugeMikey (Where are The Weapons Of Mass Global Climate Change Destruction?)
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To: Repeal The 17th

ATLANTA:
You’d have to earn at least $24,391 to buy an average home.
Average home price: $142,400
Monthly mortgage payment: $569.12
This is a joke, right?
***********************
Recipe for disaster!

Add home insurance, utilities, maintenance, etc., and the buyer will be spending 45-50% of annual gross income! Housing costs should seldom be greater than 20%, IMO.


34 posted on 02/18/2014 10:04:42 PM PST by octex
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To: nascarnation

I remember Dennis’s tenure as mayor.I always thought of MAD magazine when he appeared on tv.


35 posted on 02/19/2014 7:11:16 AM PST by Farmer Dean (stop worrying about what they want to do to you,start thinking about what you want to do to them)
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