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

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

New York /
May.May 22, 2014 08:00 AM

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 »


Related Articles

arrow_forward_ios
Lenders are being stingy about granting home equity lines of credit. (iStock)
Home values are up, but just try getting a line of credit
Home values are up, but just try getting a line of credit
(iStock)
Hot, hot, hot: Resi market sets new price records in March
Hot, hot, hot: Resi market sets new price records in March
Auckland, New Zealand and Shenzhen, China (iStock)
Global luxury home sale prices nudged up in 2020
Global luxury home sale prices nudged up in 2020
From mid-March to the end of 2020, only 11,690 units citywide were affordable to essential workers (iStock)
Affordable, market-rate apartments surge 40%, but remain rare
Affordable, market-rate apartments surge 40%, but remain rare
(iStock)
South Florida hits record $5B in residential sales volume in December
South Florida hits record $5B in residential sales volume in December
The average price of a London home rose above 500,000 pounds, or roughly $685,000, for the first time. (Getty)
London home prices hit new high
London home prices hit new high
(iStock)
Home prices hit fastest growth in six years
Home prices hit fastest growth in six years
Residential sales surged in November (Getty)
South Florida home sales soar in November, led by luxury properties
South Florida home sales soar in November, led by luxury properties
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...