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Here's How Much You Have To Make To Buy A House In 25 Major Cities
Business Insider ^ | 02/20/2014 | ANDY KIERSZ

Posted on 02/20/2014 8:52:58 AM PST by SeekAndFind

Online mortgage company HSH.com recently estimated the salaries needed to afford a house in 25 metropolitan areas across the United States. Because, the cost of real estate varies across cities and regions — you need to be making about four times as much money in San Diego as in Cincinnati to afford a house.

The map illustrates these differences. The wider the circle over a city, the more you need to make to afford a house there:

CLICK ABOVE LINK FOR THE MAP AND TABLE

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


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

1 posted on 02/20/2014 8:52:58 AM PST by SeekAndFind
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To: SeekAndFind

Noticeably absent: Detroit and Pittsburgh.


2 posted on 02/20/2014 8:56:57 AM PST by Vigilanteman (Obama: Fake black man. Fake Messiah. Fake American. How many fakes can you fit in one Zer0?)
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To: SeekAndFind

Just who in their right minds wants to live in those “cities”? Most are filled with street rats who go about killing, robbing and stealing anyone and everthing they can. It’s not for me.


3 posted on 02/20/2014 8:57:54 AM PST by DaveA37
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To: SeekAndFind

These people are on drugs.


4 posted on 02/20/2014 8:59:31 AM PST by sauropod (Fat Bottomed Girl: "What difference, at this point, does it make?")
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To: SeekAndFind

5 posted on 02/20/2014 9:02:07 AM PST by Red Badger (LIberal is an oxymoron......................)
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To: SeekAndFind

Really? You make less than $20K a year and you’re supposed to be able to afford a $112K house?

This sounds like Barney Frank economics.


6 posted on 02/20/2014 9:02:37 AM PST by rightwingintelligentsia (Democrats: The perfect party for the helpless and stupid, and those who would rule over them.)
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To: SeekAndFind

7 posted on 02/20/2014 9:03:20 AM PST by Red Badger (LIberal is an oxymoron......................)
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To: SeekAndFind
You can't buy a house in San Francisco on $115k salary. You won't be living on the Peninsula either. You might be able to live near the city if you don't mind eating Top Ramen sandwiches for the rest of your life.

You might be able to buy a house way out in Dublin or Pleasanton and commute your ass off 2 hours each way to work in the city on that salary.

Otherwise, to live in the city on that salary you're paying $2500/month rent of a 2-bedroom apartment or you're living in the Mission or the Tenderloin amongst the Philistines.

8 posted on 02/20/2014 9:03:45 AM PST by The KG9 Kid
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To: SeekAndFind

The truly curious thing is why anyone would want to buy any asset that will be subject to the coming 10% annual Federal asset confiscation tax that the IMF has set as a requirement for all national governments to employ.
.


9 posted on 02/20/2014 9:04:20 AM PST by editor-surveyor (Freepers: Not as smart as I'd hoped they'd be)
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To: SeekAndFind

The listed salaries with those prices are a recipe for default, even if you can get a mortgage on it these days.

For example, San Antonio, where I lived for more than ten years, shows a median house price of $171,700, and the salary of $29,305. That’s just nuts.


10 posted on 02/20/2014 9:04:38 AM PST by Tax-chick (The future is not going to take us seriously.)
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To: SeekAndFind

Another unwritten issue about those most expensive markets in the Northeast: Once you buy that house fasten your seat belt for the annual property tax.


11 posted on 02/20/2014 9:05:30 AM PST by BlueStateRightist (Government is best which governs least.)
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To: rightwingintelligentsia

Yes, thanks to Barney the only houses worth living in are $112k. I bought a home in DFW area in year 2000. I tried hard to stay within my single income to purchase a house (although I married the next year). Good thing because now I am at a single income again. The thing is, the mortgage brokers were trying really hard to convince me to buy bigger. I already knew I needed to downsize my life. However, my property taxes due to the economy are so high, my monthly house payment is outrageous! But think if I had listened to those financial ‘experts.’


12 posted on 02/20/2014 9:06:29 AM PST by patriotsoul
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To: SeekAndFind

I moved from Seattle and now my house payment, my land payment, and both my car payments are approximately 1/3 what the mortgage and taxes would have been on my house in Seattle. And there I had a fifth of an acre. Here I have a new home a large 100+ year old barn and 32 gorgeous wooded acres.

Took me a while to find “paying” work out here, though. I didn’t move until I did.


13 posted on 02/20/2014 9:07:20 AM PST by cuban leaf
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To: SeekAndFind

I used to think that 3x to 3-1/2x annual income was normal. Maybe even 4 with the lower mortgages of today vs 30 years ago. But these are over almost 6x.


14 posted on 02/20/2014 9:10:56 AM PST by mountn man (The Pleasure You Get From Life Is Equal To The Attitude You Put Into It)
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To: The KG9 Kid

>> “You might be able to buy a house way out in Dublin or Pleasanton and commute your ass off 2 hours each way to work in the city on that salary.” <<

.
You got that right!

Nobody is going to be buying anything in SF County for less than 1.5 million.

I recently did a certification survey to get a building remodel permit signed off for a row house on Anza St. The permit fees were based on a valuation of 3 million on that 2000 square foot house in a fairly average San Francisco neighborhood.
.


15 posted on 02/20/2014 9:12:38 AM PST by editor-surveyor (Freepers: Not as smart as I'd hoped they'd be)
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To: sauropod

I don’t think you can buy a house anywhere in the US if you are making less than $30,000, maybe even $40,000. These numbers look way off.


16 posted on 02/20/2014 9:12:57 AM PST by Steve_Seattle
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To: Vigilanteman
Last summer I got to chatting with a customer service rep who told me he recently moved from Detroit. When I asked him if he owned a home and had trouble selling it, he said he just left it.

I was blown away and he said it was no big deal because he bought it for $4,000.

17 posted on 02/20/2014 9:13:48 AM PST by Baynative (Got bulbs? Check my profile page.)
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To: SeekAndFind
Speaking of comparing cities..

The unhappiest U.S. metro areas to work in, according to Forbes.com:

  1. Cincinnati-Middletown, OH (Index score of 3.32)
  2. Orlando-Kissimmee, FL (Index score of 3.52)
  3. Indianapolis, IN (Index score of 3.55)
  4. Denver-Aurora, CO (Index score of 3.56)
  5. Pittsburgh, PA (Index score of 3.58)
  6. Tampa-St. Petersburg-Clearwater, FL (Index score of 3.59)
  7. Columbus, OH (Index score of 3.61)
  8. Sacramento-Arden-Arcade-Roseville, CA (Index score of 3.63)
  9. Miami-Fort Lauderdale-Pompano Beach, FL (Index score of 3.63)
  10. Arlington, VA (Index score of 3.64)
      here

18 posted on 02/20/2014 9:13:51 AM PST by WilliamofCarmichael (If modern America's Man on Horseback is out there, Get on the damn horse already!)
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To: SeekAndFind

My daughter and her husband make over $100,000 combined as just wage earners. I know inflation has moved the mean income up a bit but when I was working for civil service that would have been enough to make you wealthy.

They have a nice house, nicer than the one she grew up in but our house was a good one just not as large as theirs now. They live in a rural suburb of a small city so prices are not high.


19 posted on 02/20/2014 9:17:26 AM PST by yarddog (Romans 8: verses 38 and 39. "For I am persuaded".)
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To: SeekAndFind

Under contract on a beautiful house with great features (like marble columned foyer) on almost 2 acres with a nice in ground swimming pool for $78 sqft outside of Charlotte, NC.

Forget the income you have to earn? What kind of House are you getting? Same house in San Francisco would be 500+ sqft. 1000 sqft houses in San Francisco are half a million.


20 posted on 02/20/2014 9:20:27 AM PST by bolobaby
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To: Tax-chick
FWIW, I know some people who are doing it in Cleveland with around $30,000 a year. People will scoff, but there are a few sections on the edges of Cleveland that are pretty much cut off from the rest of the city and not too affected by the crime.

What happens is people in that situation get a lot of benefits because of their near low-income status. They can pay their bills.

The problem is with maintenance. If a plumbing, electrical, any kind of home repair comes up, you've got to have cash reserves or let things slide. But for right now, it's a solution. The house isn't abandoned and the family has a place to live.

21 posted on 02/20/2014 9:22:56 AM PST by grania
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To: WilliamofCarmichael
5.Pittsburgh, PA (Index score of 3.58)

Left Silicon Valley to move home to the 'burgh. Since one of the factors in this rating is "relationship with your boss", I can honestly say that the management styles between the Valley and the 'burgh are light-years apart. A LOT of the high-tech companies here seem to be infused with a steel mill management attitude.
22 posted on 02/20/2014 9:29:53 AM PST by BikerJoe
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To: FReepers

Click The Pic To Donate

Support FR, Donate Monthly If You Can

23 posted on 02/20/2014 9:32:12 AM PST by DJ MacWoW (The Fed Gov is not one ring to rule them all)
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To: Vigilanteman

That’s because two-fiddy cash money will get you a house in Detroit. If you can collect aluminum cans from the side of the road, you too, can own your own house, but neither the gun nor ammunition to protect it.


24 posted on 02/20/2014 10:13:11 AM PST by cincinnati65
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To: SeekAndFind

The key to the math working on these is buried in the details. To get to these salary levels for financing, you’re expected to put 20% down. At these salary levels, who can afford to save the 20% down and live a somewhat normal life? Well, thank goodness there’s MyRA! LOL!


25 posted on 02/20/2014 10:16:30 AM PST by cincinnati65
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To: editor-surveyor

editor-surveyor wrote:

“The truly curious thing is why anyone would want to buy any asset that will be subject to the coming 10% annual Federal asset confiscation taxthat the IMF has set as a requirement for all national governments to employ.”

Now THAT story I want to see more details on!

Have you got a link?

It will make it even harder for people to buy a house....


26 posted on 02/20/2014 10:21:13 AM PST by WildHighlander57 ((WildHighlander57, returning after lurking since 2000))
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To: Baynative

Wow! Nobody wants to walk away from even $4,000. But by the time the realty and finance people take their cut, there would’ve been nothing left anyway.


27 posted on 02/20/2014 10:22:08 AM PST by Vigilanteman (Obama: Fake black man. Fake Messiah. Fake American. How many fakes can you fit in one Zer0?)
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To: SeekAndFind

Bought my house in Boston in 2003. Paid 329k. Sold my house in 2013 for 655k. It was on the market for 3 days. Moved to the burbs, bought a 4000 SQF house on 3 acres adjacent to a 600 acre nature preserve. Paid $703k. Massachusetts is expensive, but I’ve been here all my life. Don’t plan on moving again.


28 posted on 02/20/2014 10:43:39 AM PST by strider44
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To: Red Badger

They are ignoring property tax and heating/cooling costs. A comparable house in the NY area may cost half as much as a house in the San Francisco area however the property taxes and heating/cooling will be double. The total cost of ownership in both areas is about the same, and therefore so is the net income requirement.


29 posted on 02/20/2014 10:45:02 AM PST by Reeses
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To: Vigilanteman
Detroit and Pittsburgh

Don't lump Pittsburgh together w/ Detroit, the two have nothing in common.

30 posted on 02/20/2014 11:26:05 AM PST by Pietro
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To: SeekAndFind

Why do I need 25 houses?

I don’t even LIKE cities.


31 posted on 02/20/2014 11:29:46 AM PST by WayneS (Respect the 2nd Amendment; Repeal the 16th (and 17th))
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To: Pietro

Well, they’ve both been run by corrupt politicians and tax eating union thugs for generations. It is just that the Pittsburgh version is way more circumspect in its level of greed and corruption.


32 posted on 02/20/2014 11:34:01 AM PST by Vigilanteman (Obama: Fake black man. Fake Messiah. Fake American. How many fakes can you fit in one Zer0?)
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To: WildHighlander57

http://www.silverdoctors.com/eu-wealth-tax-bail-in/


33 posted on 02/20/2014 12:57:28 PM PST by editor-surveyor (Freepers: Not as smart as I'd hoped they'd be)
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To: Vigilanteman
"It is just that the Pittsburgh version is way more circumspect in its level of greed and corruption."

That's true to an extent, but there's more to it than that.

People here didn't give up on the place, even when things got bad, and beleive me, things got very bad, we built our way back and now we're better off than we were before.

I've worked in Detroit and Pittsburgh is nothing like that.

34 posted on 02/21/2014 4:55:00 AM PST by Pietro
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To: The KG9 Kid

2 hrs each way? Bah. Takes me only 45 min on a typical day to drive to SOMA, pay my $15 for parking and walk a block to work.


35 posted on 03/22/2014 5:13:15 PM PDT by roscommon
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