How much to earn to buy a house in major US cities
The average family income in the US is 61 372 dollars per year, which is almost 2 percent more than in 2016 year.
However, in order to afford buying a home in one of the most popular cities in the country, you need to earn almost 4 times more, writes CNBC.
The researchers analyzed the average price of homes in 50 most populated cities across the country and calculated what income they should have in order to pay a mortgage on 30 years with a first installment of 20%, insurance and property taxes, so that total payments for a house should not exceed 28% of gross household income.
The results of the study are presented in infographics.
Top-10 cities in the United States, in which to buy a house you need to earn the most:
1. San Jose, California
Annual income required to buy a house: 274 623 dollar
2. San Francisco, CA
Annual income required to buy a house: 213 727 dollars
3. San Diego, CA
Annual income required to buy a house: 130 986 dollars
4. Los Angeles, CA
Annual income required to buy a house: 114 908 dollars
5. Boston, Massachusetts
Annual income required to buy a house: 109 411 dollars
6. Seattle, WA
Annual income required to buy a house: 109 275 dollars
7. New York, New York
Annual income required to buy a house: 103 235 dollars
8. Washington DC
Annual income required to buy a house: 96 144 dollar
9. Denver, CO
Annual income required to buy a house: 93 263 dollar
10. Portland, Oregon
Annual income required to buy a house: 85 369 dollars.
In Los Angeles, San Diego, San Francisco and San Jose, California, the average cost of a house ranges from $ 618 000 to more than $ 1,3 million, according to the Zillow real estate website. At the same time, the average price of a house in the USA as a whole is 216 000 dollars.
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