The Real Deal New York

Salary of $90K needed to buy a home in NYC

But -- surprise! -- an even bigger annual income required in two other US cities

May 22, 2014 08:00AM
By Business Insider

How much money does it take to buy in New York vs. San Francisco?

How much money does it take to buy in New York vs. San Francisco?

In the wake of reports that teachers are being dramatically priced out of the San Francisco area and that 45% of Manhattan homes are purchased in cash, sometimes you just have to wonder: Who can actually afford to buy a home?

Mortgage website HSH.com analyzed median home prices and interest rates for common 30-year, fixed-rate mortgages, as well as property taxes and insurance costs, to figure out how much money it would take to pay a home’s mortgage principal, taxes, and insurance — and how much you would have to earn to afford it. You can check out its website for the full methodology.

While HSH’s full list includes 27 metro areas in the United States, here we’re presenting the data for 12 of the largest U.S. cities, ordered from lowest salary required to highest and rounded to the nearest $500. Note that they’re calculating the salary needed to buy, which, if you’re married or otherwise splitting the cost, may be your household income.

Can you afford to buy where you live?

Click here to see the salaries »

  • West Side Broker

    Hmm, according to the article the median home price in NY, NY is below $400K. Not in Manhattan…

    • Sharon

      agreed, more like 1.4mm

  • Real Estate professional

    Agreed. This is NOT accurate.

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