Saturday, May 24 2014
The salary you must earn to buy a home in 27 metros
How much salary do you need to earn in order to afford the principal, interest, taxes and insurance payments on a median-priced home in your metro area?
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Mortgage rate: 4.52 percent
- Quarterly change: +0.06 percent
Home price: $406,200
- Quarterly change: -3.99 percent
- YOY change: +17.6 percent
Monthly payment: $2,005.85
Salary: $85,964.88
- Quarterly change: -$2,424.18
The state of California is one of the most interesting real estate markets in the country currently, mainly because demand is as hot as ever. Despite home prices that would be out of reach for most in this country, Los Angeles had the second-best improvement in required salary (behind Sacramento, of course).
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| Cleveland |
4.50% |
0.06 |
$102,100 |
-9.49 |
$695.07 |
$29,788.67 |
| Pittsburgh |
4.36% |
0.04 |
$120,000 |
-6.69 |
$704.15 |
$30,177.78 |
| St. Louis |
4.40% |
-0.01 |
$120,500 |
-7.52 |
$729.76 |
$31,275.49 |
| Cincinnati |
4.53% |
0.08 |
$121,700 |
-5.44 |
$743.17 |
$31,850.18 |
| Detroit |
4.59% |
0.10 |
$110,750 |
-9.72 |
$752.51 |
$32,250.30 |
| Atlanta |
4.44% |
-0.03 |
$141,900 |
-0.35 |
$797.61 |
$34,183.44 |
| Tampa |
4.54% |
0.04 |
$145,000 |
1.83 |
$850.21 |
$36,437.56 |
| Phoenix |
4.48% |
0.07 |
$194,300 |
0.83 |
$963.87 |
$41,308.74 |
| Orlando |
4.47% |
-0.01 |
$178,000 |
7.36 |
$1,009.03 |
$43,243.95 |
| San Antonio |
4.62% |
0.13 |
$169,300 |
-1.40 |
$1,038.47 |
$44,506.00 |
| Minneapolis |
4.52% |
0.02 |
$188,200 |
-4.52 |
$1,067.09 |
$45,732.39 |
| Dallas |
4.48% |
0.02 |
$174,800 |
0.52 |
$1,113.20 |
$47,708.77 |
| Houston |
4.49% |
0.02 |
$184,600 |
1.26 |
$1,144.19 |
$49,036.60 |
| Philadelphia |
4.52% |
0.09 |
$201,800 |
-5.83 |
$1,179.41 |
$50,546.25 |
| Chicago |
4.52% |
0.02 |
$176,900 |
-5.45 |
$1,233.56 |
$52,866.88 |
| Baltimore |
4.44% |
0.07 |
$224,500 |
-7.12 |
$1,238.50 |
$53,078.51 |
| Sacramento |
4.55% |
0.02 |
$255.800 |
2.17 |
$1,355.99 |
$58,113.87 |
| Miami |
4.53% |
0.06 |
$259,000 |
1.61 |
$1,393.80 |
$59,734.23 |
| Denver |
4.53% |
0.04 |
$288,400 |
3.26 |
$1,397.49 |
$59,892.46 |
| Portland |
4.57% |
0.06 |
$271,900 |
1.64 |
$1,407.18 |
$60,307.71 |
| Seattle |
4.59% |
0.07 |
$339,900 |
-1.31 |
$1,723.19 |
$73,851.06 |
| Washington D.C. |
4.45% |
0.07 |
$358,900 |
-2.47 |
$1,831.75 |
$78,503.56 |
| Boston |
4.47% |
0.06 |
$363,200 |
-2.18 |
$1,862.47 |
$79,820.01 |
| Los Angeles |
4.52% |
0.06 |
$406,200 |
-3.99 |
$2,005.85 |
$85,964.88 |
| New York City |
4.53% |
0.05 |
$388,900 |
0.67 |
$2,095.07 |
$89,788.69 |
| San Diego |
4.56% |
0.03 |
$483,000 |
1.30 |
$2,299.13 |
$98,534.22 |
| San Francisco |
4.39% |
0.00 |
$679,800 |
-0.38 |
$3,199.69 |
$137,129.55 |
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