Posted on 05/03/2024 8:23:44 AM PDT by ChicagoConservative27
The minimum income required to buy a home now hovers at $116,000 nationwide, according to a new Realtor.com® report—but this threshold varies greatly based on where you live.
On the high end is San Jose, CA, where homes are listed at a median of $1,467,000 and homebuyers need a salary of $361,000 to comfortably cover these massive mortgage payments.
On the low end, homebuyers in Pittsburgh need to make just $67,000 to snag a property at a more modest median of $250,000.
In April, mortgage rates started rising again, pushing up the cost of buying a home by 6.9% compared with last year.
(Excerpt) Read more at nypost.com ...
In San Jose, you can get the best of both worlds.
Who wants to live in a “metro”?
“Who wants to live in a “metro”?”
Lots of people, that’s why prices are so high, supply and demand.
Likewise, here in Austin.
Detroit has some inexpensive housing. Cleveland probably does as well.
Well, there would be a lot of situations here where someone might or might not be able to buy a home. I noticed it did not specifically say a NEW home. It doesn’t matter to me; I’ll consider myself lucky to be able to continue to live in my rather low-class. but adequate place where I have lived for several years, if I can somehow keep up with the maintenance & ever-increasing utilities on it...doing this on a S.S. salary.
Not a city lover, myself, but I guarantee that "da 'burgh" is far safer, cleaner and cheaper than Chicago.
Filthadelphia, which is on the other end of the state, well, let Jersey have it.
I guess I have resided in my lifetime of maybe upper middle and lower middle class homes. My best living was the summer I lived in a tent with one bare light bulb suspended overhead and a wood pallet floor. Just a perfect work arrangement. Would be pleased at this advanced age to do it all again.
THE 10 METROS WHERE BUYERS NEED THE HIGHEST INCOMES TO BUY A HOME
1. San Jose, CA
Median home list price: $1,467,000
Median household income required to purchase a home: $361,000
2. Los Angeles, CA
Median home list price: $1,192,000
Median household income required to purchase a home: $298,000
3. San Diego, CA
Median home list price: $1,050,000
Median household income required to purchase a home: $259,000
4. San Francisco, CA
Median home list price: $1,027,000
Median household income required to purchase a home: $256,000
5. Boston, MA
Median home list price: $870,000
Median household income required to purchase a home: $226,000
6. New York, NY
Median home list price: $769,000
Median household income required to purchase a home: $218,000
7. Seattle, WA
Median home list price: $775,000
Median household income required to purchase a home: $193,000
8. Sacramento, CA
Median home list price: $650,000
Median household income required to purchase a home: $162,000
9. Washington, DC
Median home list price: $625,000
Median household income required to purchase a home: $159,000
10. Austin, TX
Median home list price: $567,000
Median household income required to purchase a home: $157,000
THE 10 METROS WITH THE LOWEST INCOME REQUIREMENTS TO BUY A HOME
1. Pittsburgh, PA
Median home list price: $250,000
Median household income required to purchase a home: $67,000
2. Detroit, MI
Median home list price: $250,000
Median household income required to purchase a home: $69,000
3. Cleveland, OH
Median home list price: $255,000
Median household income required to purchase a home: $71,000
4. Birmingham, AL
Median home list price: $297,000
Median household income required to purchase a home: $75,000
5. Buffalo, NY
Median home list price: $285,000
Median household income required to purchase a home: $79,000
6. St. Louis, MO
Median home list price: $294,000
Median household income required to purchase a home: $82,000
7. Louisville, KY
Median home list price: $327,000
Median household income required to purchase a home: $87,000
8. Indianapolis, IN
Median home list price: $340,000
Median household income required to purchase a home: $87,000
9. Rochester, NY
Median home list price: $295,000
Median household income required to purchase a home: $87,000
10. Baltimore, MD
Median home list price: $352,000
Median household income required to purchase a home: $91,000
Young people should be looking at buying condos and townhomes first where they can start a family. Then, when their equity grows they can roll that equity into a larger home.
-PJ
THE MEDIAN HOUSEHOLD INCOME REQUIRED TO PURCHASE A HOME IN THE 50 LARGEST METROS [Median list price, median income]
1. Atlanta, GA
List price:$415,000
Household income: $108,000
2. Austin, TX
List price: $557,000
Household income: $157,000
3. Baltimore, MD
List price: $352,000
Household income: $91,000
4. Birmingham, AL
List price: $297,000
Household income: $75,000
5. Boston, MA
List price: $870,000
Household income: $226,000
6. Buffalo, NY
List price: $285,000
Household income: $79,000
7. Charlotte, NC
List price: $422,000
Household income: $106,000
8. Chicago, IL
List price: $389,000
Household income: $115,000
9. Cincinnati, OH
List price: $375,000
Household income: $99,000
10. Cleveland, OH
List price: $255,000
Household income: $71,000
11. Columbus, OH
List price: $397,000
Household income: $108,000
12. Dallas, TX
List price: $450,000
Household income: $139,000
13. Denver, CO
List price: $625,000
Household income: $165,000
14. Detroit, MI
List price: $250,000
Household income: $69,000
15. Hartford, CT
List price: $406,000
Household income: $118,000
16. Houston, TX
List price: $370,000
Household income: $118,000
17. Indianapolis, IN
List price: $340,000
Household income: $87,000
18. Jacksonville, FL
List price: $420,000
Household income: $108,000
19. Kansas City, KN
List price: $422,000
Household income: $119,000
20. Las Vegas, NV
List price: $475,000
Household income: $114,000
21. Los Angeles, CA
List price: $1,192,000
Household income: $298,000
22. Louisville, KY
List price: $327,000
Household income: $87,000
23. Memphis, TN
List price: $339,000
Household income: $91,000
24. Miami, FL
List price: $540,000
Household income: $153,000
25. Milwaukee, WI
List price: $376,000
Household income: $102,000
26. Minneapolis, MN
List price: $449,000
Household income: $122,000
27. Nashville, TN
List price: $573,000
Household income: $142,000
28. New Orleans, LA
List price: $335,000
Household income: $90,000
29. New York, NY
List price: $769,000
Household income: $218,000
30. Oklahoma City, OK
List price: $330,000
Household income: $98,000
31. Orlando, FL
List price: $440,000
Household income: $116,000
32. Philadelphia, PA
List price: $370,000
Household income: $100,000
33. Phoenix, AZ
List price: $537,000
Household income: $132,000
34. Pittsburgh, PA
List price: $250,000
Household income: $67,000
35. Portland, OR
List price: $615,000
Household income: $156,000
36. Providence, MA
List price: $524,000
Household income: $138,000
37. Raleigh, NC
List price: $451,000
Household income: $113,000
38. Richmond, VA
List price: $459,000
Household income: $114,000
39. Riverside, CA
List price: $600,000
Household income: $152,000
40. Rochester, NY
List price: $295,000
Household income: $87,000
41. Sacramento, CA
List price: $650,000
Household income: $162,000
42. San Antonio, TX
List price: $345,000
Household income: $100,000
43. San Diego, CA
List price: $1,050,000
Household income: $259,000
44. San Francisco, CA
List price: $1,027,000
Household income: $256,000
45. San Jose, CA
List price: $1,467,000
Household income: $361,000
46. Seattle, WA
List price: $775,000
Household income: $193,000
47. St. Louis, MO
List price: $294,000
Household income: $82,000
48. Tampa, FL
List price: $420,000
Household income: $109,000
49. Virginia Beach, VA
List price: $390,000
Household income: $100,000
50. Washington, DC
List price: $625,000
Household income: $159,000
I’m a 76, almost 77 year old woman who raised two sons alone. When my kids were young, I would have loved to have owned a home, but I couldn’t afford it at that time. By the time my kids were older, and ready to go out on their own, I could afford a home, but didn’t need one by then. And now at this age, I’m glad I never did own a home, as it would be just another thing for them to have to get rid of when I’m gone. Neither one of them have ever owned a home, and at this point in their lives, wouldn’t want one.
Rochester is a RAT-run, crime-ridden $hithole. I was born and raised there, and would never live there. I left there in 1972 with my then-husband and two sons. My last sibling died in Rochester in 2014, and I haven't been there back since. When I visit my brother's family in Ontario, New York, which is north of Rochester, the Rochester news is full of nothing but shootings and other criminal behavior.
Great, pack them in and stay out of the open areas.
Many of us cannot tolerate being in cities.
Plank #1 of the Communist Manifesto: "Abolition of property rightsino land and application of all rents of land to public purpose."
The institution of property taxes accomplished that, transferring all property ownership to government. Pay your tax/rent, or we will kick you off it.
All liberal Blue cities of course…
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