How much should you earn to buy a house in the USA: data on cities
Price of the house depending on the city may differ in 6 times. Photo: depositphoto
Buying a home remains for most Americans the largest and most serious purchase they ever make. At the same time, as he writes HSH.comTo avoid ending up in debt, experts advise correctly calculating your income and monthly payments for a house. It’s also worth choosing in which US city you want to buy real estate. The publication provides data on the largest cities in the country and shows exactly how much you need to earn to afford an ordinary house in this metropolis.
Publication experts interviewed realtors in 27 largest cities in the country. Studied only mortgage loans for 30 years with a fixed rate, in the amount took into account not only the purchase amount, but also additional costs in the form of taxes and insurance.
Judging by the survey, prices within the country vary significantly: in Pittsburgh, Pennsylvania, you can buy an average home for $ 140 thousand, while salaries at $ 51 thousand per year will be enough to cover mortgage payments of $ 1 213 .
In New York, by comparison, an average home costs $ 397 600 and you have to earn $ 85 400 per year to afford it.
But the highest prices, quite predictably, are in San Francisco: the average house price reaches $835 thousand (almost 6 times more than in Pittsburgh), and the average salary should be $152 thousand (3 times more than in Pittsburgh) - this income will be enough to cover the mortgage payment.
| City | Mortgage interest rate on 30 years | Average house price | Monthly payment | Required annual income | ||
| USA (on average) | 3.57% | $240,900 | $1,213.00 | $51,985.83 | ||
| Pittsburgh | 3.49% | $140,000 | $745.79 | $31,962.36 | ||
| Cleveland | 3.58% | $138,900 | $797.64 | $34,184.64 | ||
| Cincinnati | 3.63% | $157,000 | $842.74 | $36,117.32 | ||
| St. Louis | 3.53% | $170,000 | $875.62 | $37,526.55 | ||
| Detroit | 3.61% | $170,817 | $910.78 | $39,033.42 | ||
| Atlanta | 3.54% | $191,500 | $918.98 | $39,384.90 | ||
| Phoenix | 3.56% | $235,300 | $1,029.68 | $44,129.25 | ||
| Tampa | 3.66% | $205,000 | $1,047.60 | $44,897.28 | ||
| San Antonio | 3.54% | $212,300 | $1,127.95 | $48,340.93 | ||
| Orlando | 3.61% | $229,900 | $1,162.26 | $49,811.12 | ||
| Minneapolis | 3.50% | $240,300 | $1,181.38 | $50,630.44 | ||
| Houston | 3.58% | $217,400 | $1,203.06 | $51,559.62 | ||
| Philadelphia | 3.57% | $234,800 | $1,239.18 | $53,107.54 | ||
| Dallas | 3.61% | $230,500 | $1,255.90 | $53,824.40 | ||
| Baltimore | 3.60% | $264,300 | $1,305.15 | $55,934.98 | ||
| Chicago | 3.55% | $244,100 | $1,430.12 | $61,290.77 | ||
| Sacramento | 3.61% | $327,000 | $1,510.78 | $64,747.77 | ||
| Miami | 3.59% | $315,000 | $1,513.83 | $64,878.54 | ||
| Portland | 3.67% | $358,500 | $1,628.34 | $69,786.05 | ||
| Denver | 3.63% | $386,800 | $1,650.63 | $70,741.13 | ||
| Washington | 3.52% | $393,500 | $1,830.73 | $78,460.06 | ||
| Seattle | 3.76% | $422,100 | $1,908.06 | $81,773.89 | ||
| New York | 3.56% | $397,600 | $1,994.72 | $85,488.10 | ||
| Бостон | 3.50% | $435,300 | $2,007.92 | $86,053.72 | ||
| Los Angeles | 3.65% | $536,700 | $2,336.77 | $100,147.44 | ||
| San Diego | 3.78% | $589,300 | $2,535.26 | $108,654.10 | ||
| San Francisco | 3.66% | $835,400 | $3,550.71 | $152,173.42 |
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