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The salary you need to afford a home in 20 major US cities
Posted on 5/16/17 at 2:18 pm
Posted on 5/16/17 at 2:18 pm
LINK
quote:
Pittsburgh
Median home price: $133,142
Income needed for a 10 percent down payment: $22,081 Income needed for a 20 percent down payment: $18,442
San Antonio
Median home price: $140,934
Income needed for a 10 percent down payment: $23,373
Income needed for a 20 percent down payment: $19,522
New Orleans
Median home price: $188,055
Income needed for a 10 percent down payment: $31,188 Income needed for a 20 percent down payment: $26,048
Charlotte
Median home price: $193,402.50
Income needed for a 10 percent down payment: $32,075
Income needed for a 20 percent down payment: $26,789
Phoenix
Median home price: $198,679
Income needed for a 10 percent down payment: $32,950 Income needed for a 20 percent down payment: $27,520
Las Vegas
Median home price: $205,177
Income needed for a 10 percent down payment: $34,028 Income needed for a 20 percent down payment: $28,420
Minneapolis
Median home price: $220,714
Income needed for a 10 percent down payment: $36,605 Income needed for a 20 percent down payment: $30,572
Nashville
Median home price: $243,678
Income needed for a 10 percent down payment: $40,413 Income needed for a 20 percent down payment: $33,753
Chicago
Median home price: $244,651
Income needed for a 10 percent down payment: $40,575 Income needed for a 20 percent down payment: $33,888
Atlanta
Median home price: $250,855
Income needed for a 10 percent down payment: $41,603 Income needed for a 20 percent down payment: $34,747
Salt Lake City
Median home price: $255,870.50
Income needed for a 10 percent down payment: $42,435 Income needed for a 20 percent down payment: $35,442
Miami
Median home price: $278,405
Income needed for a 10 percent down payment: $46,172 Income needed for a 20 percent down payment: $38,563
Dallas
Median home price: $289,750
Income needed for a 10 percent down payment: $48,054 Income needed for a 20 percent down payment: $40,135
Denver
Median home price: $318,164
Income needed for a 10 percent down payment: $52,766 Income needed for a 20 percent down payment: $44,071
Portland
Median home price: $378,961
Income needed for a 10 percent down payment: $62,849 Income needed for a 20 percent down payment: $52,492
Seattle
Median home price: $528,387
Income needed for a 10 percent down payment: $87,631 Income needed for a 20 percent down payment: $73,189
Los Angeles
Median home price: $555,073
Income needed for a 10 percent down payment: $92,057 Income needed for a 20 percent down payment: $76,886
Boston
Median home price: $584,622
Income needed for a 10 percent down payment: $96,957 Income needed for a 20 percent down payment: $80,979
New York
Median home price: $637,703
Income needed for a 10 percent down payment: $105,761 Income needed for a 20 percent down payment: $88,332
San Francisco
Median home price: $1,296,916
Income needed for a 10 percent down payment: $215,089 Income needed for a 20 percent down payment: $179,643
20
Posted on 5/16/17 at 2:19 pm to TechDawg2007
quote:
Income needed for a 10 percent down payment: $215,089 Income needed for a 20 percent down payment: $179,643
Jesus H. Christ
ETA: I'd like to see the figures for the different NY boroughs. I imagine Manhattan's would look much more similar to SF. Staten Island bringin' errbody down.
This post was edited on 5/16/17 at 2:24 pm
Posted on 5/16/17 at 2:20 pm to TechDawg2007
quote:
Boston
Median home price: $584,622 Income needed for a 10 percent down payment: $96,957 Income needed for a 20 percent down payment: $80,979
Yeah that seems about right, unfortunately.
Posted on 5/16/17 at 2:21 pm to TechDawg2007
What loan rate are those salaries based on and how much of the take home is budgeted for house payment?
Posted on 5/16/17 at 2:21 pm to TechDawg2007
I must be reading this wrong but why do you need more of an income for a 10% downpayment than a 20%?
Posted on 5/16/17 at 2:21 pm to TechDawg2007
i don't understand how they figure that out.
for instance: how many years at 31k in nola would equal down payment on a 200k house. some people save more than others. some of have kids. its not that easy of an equation.
for instance: how many years at 31k in nola would equal down payment on a 200k house. some people save more than others. some of have kids. its not that easy of an equation.
Posted on 5/16/17 at 2:21 pm to TechDawg2007
What's the most expensive in the world? Tokyo? Moscow? Hong Kong?
Posted on 5/16/17 at 2:22 pm to Nado Jenkins83
I think it's just a general figure
Posted on 5/16/17 at 2:22 pm to TechDawg2007
These are the kind of metrics that fuel the living wage debate.
Posted on 5/16/17 at 2:23 pm to OysterPoBoy
quote:
I must be reading this wrong but why do you need more of an income for a 10% downpayment than a 20%?
Posted on 5/16/17 at 2:23 pm to OysterPoBoy
quote:
I must be reading this wrong but why do you need more of an income for a 10% downpayment than a 20%?
Because your loan amount will be more if you only put 10% down meaning your monthly payment is more.
Posted on 5/16/17 at 2:24 pm to OysterPoBoy
Because the monthly payments would be lower. It could have been worded much better.
Posted on 5/16/17 at 2:25 pm to Displaced
Oh, I thought it was what your income needed to be to make a 10 or 20% downpayment.
Posted on 5/16/17 at 2:26 pm to Displaced
Yup. They are assuming you already have the cash on hand to either pay 10 or 20%
Posted on 5/16/17 at 2:26 pm to OysterPoBoy
quote:
Oh, I thought it was what your income needed to be to make a 10 or 20% downpayment.
It is.
Posted on 5/16/17 at 2:26 pm to TechDawg2007
quote:
Denver Median home price: $318,164 Income needed for a 10 percent down payment: $52,766 Income needed for a 20 percent down payment: $44,071 Portland Median home price: $378,961 Income needed for a 10 percent down payment: $62,849 Income needed for a 20 percent down payment: $52,492 Seattle Median home price: $528,387 Income needed for a 10 percent down payment: $87,631 Income needed for a 20 percent down payment: $73,189 Los Angeles Median home price: $555,073 Income needed for a 10 percent down payment: $92,057 Income needed for a 20 percent down payment: $76,886 Boston Median home price: $584,622 Income needed for a 10 percent down payment: $96,957 Income needed for a 20 percent down payment: $80,979 New York Median home price: $637,703 Income needed for a 10 percent down payment: $105,761 Income needed for a 20 percent down payment: $88,332 San Francisco Median home price: $1,296,916 Income needed for a 10 percent down payment: $215,089 Income needed for a 20 percent down payment: $179,643
So... the people who are screaming about living wages, socialism, etc. all attempt to concentrate in these areas. I know it's off topic, but I'm just attempting to understand how their want to live in areas that far outpace the national average for cost of living has any correlation with conservatives holding them down.
Posted on 5/16/17 at 2:28 pm to TechDawg2007
quote:
Median home price: $1,296,916
Income needed for a 10 percent down payment: $215,089 Income needed for a 20 percent down payment: $179,643
If I was going to spend that much on a house, with that salary, I'd do it in TX, LA, TN, etc.. That's a beautiful home in a great part of the city in Houston, Dallas, New Orleans, and Nashville. In SF, that's an average looking, small home if you want to be close to the center of the action.
Plus, you don't have to live with SF residents.
Posted on 5/16/17 at 2:28 pm to VOLhalla
quote:. Which is quite an assumption if you are talking about minimum salaries required.
Yup. They are assuming you already have the cash on hand to either pay 10 or 20
They should have listed salaries necessary for 5% down and 100% financing.
Posted on 5/16/17 at 2:28 pm to TechDawg2007
quote:
Nashville
Median home price: $243,678
Income needed for a 10 percent down payment: $40,413 Income needed for a 20 percent down payment: $33,753
Love it when these dumb fricking lists include Mufreesboro.
That's like including Prairieville in Baton Rouge's home prices.
I bought a house last year. If you want to be in the city, $240k gets you a 1200 sq ft townhome with no yard in ghetto.
That is in absolute no fricking way the median home price in the actual city. Holy shite.
Posted on 5/16/17 at 2:29 pm to TechDawg2007
These numbers seem awfully fudged.
Just looking at Phoenix, you'd be financing ~$179k for a house on $32k/year with 10% down. That's about $1200/month including property taxes, insurance, and PMI.
Assuming they have health insurance covered at that salary, that gives them about $28k/year after taxes or $2330/month.
Minus the mortgage leaves $1100...
...for food, gas, car, insurance, utilities, phone, and extraneous shite you have to pay for when you own a house (termites, maintenance, etc).
I mean, I guess it's doable, but that would be difficult even for a single person.
Just looking at Phoenix, you'd be financing ~$179k for a house on $32k/year with 10% down. That's about $1200/month including property taxes, insurance, and PMI.
Assuming they have health insurance covered at that salary, that gives them about $28k/year after taxes or $2330/month.
Minus the mortgage leaves $1100...
...for food, gas, car, insurance, utilities, phone, and extraneous shite you have to pay for when you own a house (termites, maintenance, etc).
I mean, I guess it's doable, but that would be difficult even for a single person.
This post was edited on 5/16/17 at 2:31 pm
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