How much to earn to buy a house in different cities of the United States

Фото: Depositphotos

Want to buy a house, but do not know how much you need to earn a year? The latest HSH analysis found out how much money is needed to make it possible to buy an average house.

1. San JoseThe capital of Silicon Valley, which is struggling with the housing crisis, has the most expensive real estate. Your annual income must be $ 221 363,63 to afford a home for $ 1,18 million.
2. San Francisco. To afford a $ 950 000 home, a buyer needs to earn $ 181 341,49 per year.
3. San Diego. To purchase an average home for $ 605 000, the salary must be $ 116 875,11 per year.
4. Los Angeles. In the city of angels, you can buy a house for $ 514,200 at a salary of $ 101 531,66 per year.
5. South Florida. With a salary of $ 71 644,01 to buy a house for $ 337 000.

And below is a rating of cities with low-cost real estate:

1. Pittsburgh With a salary of $ 35 329 per year, you can afford an average home for $ 145 000.
2. Memphis, Louisville, Cleveland, Oklahoma City and Indianapolis. In these cities, you can afford to buy a home at an average price, earning only $ 40 000 per year.
3. Atlanta. $ 43 893,29 per year is enough to buy a home for $ 204 900.
4. В Tampa you must earn $ 49 123,91 to buy a house for $ 220 200.
5. В Jacksonville you have to earn $ 51,564 to afford a house for $ 325 000
6. В Orlando with a salary of $ 54 158,84, you can buy a house worth $ 245 000.

As for the average for the United States, Americans must, on average, earn $ 56 159 to pay the cost of a house at $ 255 600

The required salary was calculated taking into account the principal debt, interest, taxes, insurance, and assumed 20% down payment, as well as 4.11% mortgage rate for 30 years.

“Prices are rising rapidly for two reasons: high demand and limited supply,” the study authors write. “Year-over-year, the average wage increase needed to keep pace with rising costs was 9,3 percent.”

Read also on ForumDaily:

20 cities where real estate prices are skyrocketing

New York areas where buying a home is cheaper than renting

5 states where housing prices are dangerously high

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