What You Need to Earn to Buy in 10 Cities
March 20, 2015
Affordability in real estate is improving, despite recent rises in home prices. Lower mortgage rates and an increase in the national family median income gave a slight lift to housing affordability at the end of 2014, according to the National Association of REALTORS®. But how far your money stretches in real estate greatly depends on where you live.
Read more: How Much You Should Earn to Buy a Home
NAR created a new infographic that takes a look at home prices in 10 metro areas over a two-year time span and shows the income needed to purchase a home in those places with a 10 percent down payment. The 10 cities show how that amount can vary nationwide. For example, in Orlando, buyers need to earn at least $37,474 to buy a median-priced home there, whereas in Washington, D.C., buyers would need to earn at least $77,613.
Visit Realtor.org to view more from NAR’s 2014 fourth quarter Metropolitan Median Area Prices and Affordability report
Updated: July 14, 2020