Find Out What You Need to Earn to Live in Some Major U.S. Citiesadmin / 0 Comments /
The real estate market is showing signs of improvement; as a result, more Americans may be entertaining the idea of purchasing a home for the first time or moving to a new area of the U.S. However, its wise to consider how much money you need to earn in order to afford a home in a specific city. A recent study released by HSH.com provides the details about 27 major U.S. cities and what salary is required in order to purchase a home there.
According to an article published by Realtor.com’s Catey Hill, the study “assumes the buyer has good to excellent credit (and thus would get a mortgage interest rate—depending on location—of around 4%), put down 20% and would be spending no more than 28% of income on principal and interest.” Even with a significant down payment and a low mortgage rate, one would need to earn an average salary of almost $58,000 per year to afford a home in Chicago, according to the study results.
Topping the list with a salary requirement of almost $148,000 a year, is San Fransiciso, CA. More affordable cities such as Cincinnati, Atlanta and Pittsburgh allow home buyers earning closer to $30,000 to purchase a home.
To find out about other U.S. cities and how much you would need to earn to purchase a home there, read the entire article.
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