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 ...
“I’m very happy on My Little Farm.”
That sounds so nice!
This is the unspoken issue with all of these cities. Nobody wants to live in the slums.
In all cities, you will pay a premium price to live in nicer neighborhoods. And there will be areas of all of these cities where you would not consider saving money and living in, just because housing is cheaper in certain areas.
There are other considerations as well. Not to make a long list, but there are the issues of traffic congestion, spouse’s job and his/her commute from certain locales in the area, quality of schools, crime rates, and other factors which affect where people live. It’s not all just dollars and cents.
The umpty ump millions of uninsured thank you for helping provide them coverage. It’s very selfless of you.
I hate having to go on the road for work and leave my kitties in a cold house.
Keeps the mice population down! :)
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