Posted on 12/09/2014 7:05:16 PM PST by SeekAndFind
Mortgage website HSH.com has updated its estimate of how much annual income a household would need to buy a home in major cities in the US according to Q3 data.
The site looked at median home prices from the National Association of Realtors, along with interest rates for common 30-year, fixed-rate mortgages and property taxes and insurance costs, to figure out how much money it would take to pay a median-priced home's mortgage principal, taxes, and insurance — and how much you would have to earn to afford it.
15. Detroit
Population: 921,147
Median Home Price: $151,500
Monthly Mortgage Payment: $901
Salary Needed To Buy: $38,500
14. Phoenix
Population: 1,476,331
Median Home Price: $200,500
Monthly Mortgage Payment: $965
Salary Needed To Buy: $41,500
13. San Antonio
Population: 1,258,733
Median Home Price: $186,400
Monthly Mortgage Payment: $1,078
Salary Needed To Buy: $46,000
12. Dallas
Population: 1,246,185
Median Home Price: $193,500
Monthly Mortgage Payment: $1,173
Salary Needed To Buy: $50,500
(Excerpt) Read more at businessinsider.com ...
/johnny
Who the feck WANTS to live in Detroit? ;)
I’m very happy on My Little Farm. Payin’ her off just as fast as I can, Cap’n! :)
One can’t afford those mortgage payments on those salaries once you figure in the price of Health Insurance these days.
2008, my mortgage - $613...Insurance $350
2014, my mortgage - $613...Insurance $1,017
On the same income
RE: On the same income
Why hasn’t your salary gone up the past 6 years?
Family business. I’ve taken one raise in 20 years.
He's not a congressman or a crook..... but I repeat myself.
/johnny
Then there is PMI, Escrow taxes, Home Owners Insurance.
Those “payments” look to be raw mortgage, not all the extra’s that is needed monthly.
I can hardly stand living 10 miles south of, ‘The People’s Republik of Madistan.’ AND, as an added BONUS, I get to WORK there each day!
Gaahhhh! I can’t WAIT to be out of this county. It’s insanity.
So, no. I’m not Detroit-bound by ANY measure. But, feel free to move there yourself, LOL!
I moved from NJ to San Antonio. My 3k square foot home is 1/3 the cost with property taxes 1/3 of jersey. Salaries are less than NY, but I am fortunate my field is pretty stable.
These salaries would be AFTER taxes, I’m assuming?
Dittos to that! Detroit? Not me!!! I’m a happy camper up here in the mountains at the old ‘hunting lodge’ with all my furry critter friends!
More like salaries in Fantasyland....$92K to own a home in NYC?? Maybe a 250sq ft closet in Bushwick.
This is one of those accurate but not true stories. This is what you need to make to buy a median priced home in these cities. Most of the houses will be less than the median priced house. In Detroit there are areas that almost give away homes.
If the “salary needed to buy” is what the bank/mortgage company tells you you can afford, add at LEAST another 50% to that salary to get the “reality” of what it costs.
#6 Washington D.C. median price $389K — yeah, right. Nowhere you WANT to live. And you damn sure better make a LOT more than $82K to afford THAT!!!
“Plus, for $45 thousand in Detroit you can live as if you were making $100 thousand in NY.”
Who the hell would want to live in NY...especially in NYC. And a $100,000 income in NYC would get you a place slightly elevated above ‘slum’.
>> Most of the houses will be less than the median priced house.
No. Exactly one-half of the houses will be less than the median priced house.
That’s the definition of “median”.
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