The Salary Needed to Buy a Home in 27 Metros
March 8, 2016
Can you afford to buy a home? It’s a common question among potential home buyers. HSH.com recently identified exactly how much is needed to earn in order to afford the mortgage (including principal, interest, taxes, and insurance payments) on a median-priced home in 27 metro areas.
HSH.com used National Association of REALTORS® 2015 data from the fourth quarter on median-home prices and the fourth quarter interest rate for the 30-year fixed-rate mortgage to help determine the salary needed.
For buyers with a 10 percent down payment instead of a 20 percent down payment, the salary for the metro areas studied rose anywhere from $4,200 to $31,000, according to HSH.com.
The following is a breakdown of the salary needed for each of the 27 metros studied:
Source: “The Salary You Must Earn to Buy a Home in 27 Metros,” HSH.com (March 2, 2016)
Updated: June 18, 2018