How much to earn to buy a house in New York
As it turned out, the city of the Big Apple is not the most expensive place to own a house.
Фото: Depositphotos
Compared to the Bay Area, property fees in New York are relatively low, but city residents have to earn “only” $ 103 235 per year in order to afford to pay loan interest, taxes and home insurance at an average price, according to HSH.
This is less than half of what is needed in San Jose, California, which is #1 on the list, and where you need to earn more than $ 270 000 per year.
San Francisco, San Diego, Los Angeles, Boston and Seattle make up the top five - while New York comes in at number 7.
HSH used data from the National Association of Realtors, weekly reviews of Freddie Mac and the Association of Mortgage Bankers of America, as well as data on property taxes and insurance payments.
These data allowed us to determine the annual salary required to secure the base cost of owning a house (principal, interest, property tax, and homeowner's insurance) in 50, the country's largest megalopolises, according to analysts who investigated the report.
Lawrence Yun, chief economist at NAR, called the “constant supply crisis” a growth factor.
“An increasing number of interested buyers ... have changed the meager level of available listings,” he said. “With not enough homes available for sale, multiple listings have caused prices to skyrocket further beyond the reach of some potential buyers.”
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