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In which cities Americans can not afford to buy a house

Фото: Depositphotos

Edition GOBankingRates found that in many large cities more than half of families can not afford to buy a house.

The company used the average price in 100 major cities to calculate monthly mortgage payments. Using the rule 30% (no more than 30% of income should go to pay for housing), the publication calculated the income required to pay the mortgage in these cities. Then they compared this income with the number of families that have this income or higher.

The result can be seen below.

Seattle

Average house price: $ 688 000

Percentage of families who cannot afford to buy a house: 57,6%

The average cost of a house in Seattle is $ 688 thousand, which makes the city one of the most expensive in the country. However, the percentage of families who cannot afford to buy a house is not as high as in other major cities. All due to the fact that the average family income here is also high - $ 83 476. However, this is not enough to pay a mortgage of $ 2 911 monthly. You need to earn $ 116 440 to afford a home in Seattle.

Houston

Average house price: $ 324 900

Percentage of families who cannot afford to buy a house: 58,9%

Homes in Houston are still too expensive for 60% of families. This is due to the fact that the average income of families is $ 47 793, which is significantly lower than the required $ 56 160 for paying a loan of $ 1 404 per month.

Housing prices fell here after Hurricane Harvey, which swept over the terrain in August 2017 year. The real estate market quickly recovered, and prices began to rise again.

Washington, DC

Average house price: $ 559 950

Percentage of families who cannot afford to buy a house: 59,8%

Washington DC is one of the few places where renting is more affordable than buying a home. To pay a monthly mortgage of $ 2 382, family income must be $ 95 280 per year. The average annual salary in the city is $ 75 506, which is not enough to pay a loan of about 60% of families in the capital.

Denver

Average house price: $ 470 000

Percentage of families who cannot afford to buy a house: 59,8%

Housing prices in Colorado rose. With an average home price of $ 470 000, the annual income must be $ 80 240 to pay a monthly mortgage of $ 2006. However, the average income of families in the city is $ 61 105. As a result, almost 60% of households cannot afford a house in Denver.

Dallas

Average house price: $ 385 000

Percentage of families who cannot afford to buy a house: 60,2%

Although the average price of a house in Dallas is lower than in Denver and Washington, DC, there is a higher percentage of families who cannot afford to buy a house in this big city of Texas. This is due to the fact that the average family income is noticeably lower than what is needed: $ 47 243.

To pay a mortgage of $ 1 651 monthly, a family must earn $ 66 040 per year.

San Diego

Average house price: $ 659 000

Percentage of families who cannot afford to buy a house: 65,9%

Only about one-third of San Diego residents can afford housing with an average price of $ 659. This is because the median household income of $ 000 is well below the $ 71 required to pay off the $ 481 monthly mortgage.

New York

Average house price: $ 859 000

Percentage of families who cannot afford to buy a house: 71%

New York is one of the worst places to live if you are trying to save money, because the cost of living is extremely high, so 71% of families in the city cannot afford to buy property.

For a monthly mortgage payment of $ 3 673, you need to earn $ 146 920 annually. The average household income of $ 58 856 is not enough.

Los Angeles

Average house price: $ 749 000

Percentage of families who cannot afford to buy a house: 72,9%

Los Angeles is one of the most expensive places to buy a home. Since the median household income of $ 54 is not enough to buy real estate, almost 432% of families cannot afford a home in Los Angeles.

In fact, residents of Los Angeles would have to work more hours to afford a house than residents of any city except New York.

Miami

Average house price: $ 450 000

Percentage of families who cannot afford to buy a house: 74,3%

Although Miami is one of the few large cities where housing prices are falling, prices have not declined so much that homes are affordable for most city residents.

In fact, almost three-quarters of families in the city cannot afford a monthly mortgage of $ 1 925 per house at an average house price of $ 450 000. You must have $ 77 000 average income per family per year, with $ 34 901 real.

Бостон

Average house price: $ 725 000

Percentage of families who cannot afford to buy a house: 75,7%

If you want to buy a home in the capital of Massachusetts, you will need an annual income of $ 122 160 to comfortably pay a monthly mortgage of $ 3 054. However, this is almost twice the average household income of $ 63 631. As a result, three-quarters of Boston families cannot afford to buy a home.

San Francisco

Average house price: $ 1 199 000

Percentage of families who cannot afford to buy a house: 76,7%

San Francisco is in fact one of the largest cities in the USA with the largest decline in the cost of living in 2017. You will need to earn $ 200 080 per year to comfortably pay a monthly mortgage of $ 5 002. However, the average household income in San Francisco is $ 103 801.

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