Here’s How Much Money You Have to Make to Buy a Home in the U.S
How much do you have to earn annually to afford a house in your state? Online mortgage and consumer loan information site HSH recently examined data from the National Association of Realtors and compared it to their own findings to determine how much money potential homebuyers need to be making in order to afford the principal and interest payment on an average-priced home in their area.
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Unsurprisingly, San Francisco ranked highest on the list-you'd need to make a hefty $115,510 a year to buy the average home, which costs a whopping $682,410. On the low end, potential homebuyers in Cleveland, Ohio only need to earn a base salary of $19,435 a year to afford the average home, priced at $112,800. Other cities of note: The salary requirement in Chicago is $32,389, Houston has a salary requirement of $31,299, New Yorkers have to earn $66,167, and the average salary requirement in Atlanta is $24,391.
You can see the full list at HSH.com.
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Reprinted with permission of Hearst Communications, Inc.
