Where Your Speech Is Free And Your Comment Is King - Post A Link

THE NEWS COMMENTER

Screenshot Cnbc.com
VOTE  (0)  (0)

The salary you need to afford a home in the 14 biggest US cities


Added 11-02-18 01:02:02pm EST - “It might be less than you think.” - Cnbc.com

CLICK TO SHARE

Posted By TheNewsCommenter: From Cnbc.com: “The salary you need to afford a home in the 14 biggest US cities”. Below is an excerpt from the article.

In the biggest U.S. cities, the income you need to afford to buy a home varies greatly. In Houston, you only need to earn around $50,000 to buy with 20 percent down, but in San Francisco you need $200,000 or more.

Using the National Association of Realtors' Metropolitan Median Area Prices and Affordability and Housing Affordability index from the third quarter of 2018, CNBC Make It identified the income needed to manage to purchase a home with a 10 or 20 percent down payment in the 14 largest U.S. cities.

The data assumes a 4.8 percent mortgage rate for all areas and a monthly principal and interest payment limited to 25 percent of a resident's income.

Salary required with a 10 percent down payment: $47,514Salary required with a 20 percent down payment: $42,235Median home price: $207,600

Salary required with a 10 percent down payment: $226,356Salary required with a 20 percent down payment: $201,205Median home price: $989,000

Read more...

Post a comment.

CLICK TO SHARE

BACK TO THE HOME-PAGE