This is the salary you need to earn to buy a home right now in New York, Miami and LA

New York Weekend Edition /
Aug.August 20, 2017 02:29 PM
 

Using the National Association of Realtors’ data on housing affordability, Business Insider gathered a list of the US metro areas where the minimum salary required to qualify for a mortgage, after a 20 percent down payment, is highest. What they found was that the salary needed to qualify in the top-five metro areas — four of which are located in California — exceeds $100,000.

Here’s what it you need to be earning to buy in New York, Miami and Los Angeles.

The New York-Newark-Jersey City, New York/New Jersey/Pennsylvania metro areas ranked 13th overall in BI’s list. With a population of 20,182,305 and a median home cost of $414,000, the salary you need to buy is $76,613.

The Miami-Fort Lauderdale-West Palm Beach, Florida, metro area ranked down at number 20. With a much lower population of 6,012,331 and median home cost of $335,000 the salary a sunshine state buyer needs is $61,994.

Meanwhile in Los Angles-Long Beach-Glendale, California weighed in at number seven. The population is 10,170,292 and the median home cost was $514,000. That means that the salary you’ll needed to buy is $95,156.

If you were wondering about what metro area took the top spot, well, that would be San Jose-Sunnyvale-Santa Clara, California. The salary needed to buy there was calculated to be $218,996. [BI]Christopher Cameron


Related Articles

arrow_forward_ios
Realogy CEO Ryan Schneider (iStock)
Realogy CEO: remote work is here to stay, but home price growth is real
Realogy CEO: remote work is here to stay, but home price growth is real
Bad news for agents: Buyers warming to algorithms
Bad news for agents: Buyers warming to algorithms
Bad news for agents: Buyers warming to algorithms
Sciame Construction CEO Frank Sciame and the Gold Coast Mansion
Frank Sciame buys massive Gold Coast mansion. Now what?
Frank Sciame buys massive Gold Coast mansion. Now what?
Buyers from neighboring countries made up the biggest percentage of foreign sales. (iStock)
Here’s where foreign homebuyers came from and bought during pandemic
Here’s where foreign homebuyers came from and bought during pandemic
Nearly $10M settlement for “cooked” SF condo owners
Nearly $10M settlement for “cooked” SF condo owners
Nearly $10M settlement for “cooked” SF condo owners
From left: JP Morgan Chase CEO Jamie Dimon, Citigroup CEO Jane Fraser and Texas Capital Bank CEO Rob Holmes (iStock, LowneyJen/Wikimedia, World Economic Forum/Wikimedia, Texas Capital bank)
Rise in home prices frees banks to offload mortgage risk
Rise in home prices frees banks to offload mortgage risk
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
PHE at 51 Jay Street and 4 Hunts Lane (Compass)
Dumbo penthouse leads Brooklyn’s luxury market
Dumbo penthouse leads Brooklyn’s luxury market
arrow_forward_ios

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

Loading...