This is the salary required to buy a home in 50 US cities.
Depending on where you live, owning a home can seem like a distant dream or quite realistic. For example, in New York City you need at least a six-figure income to buy a home, whereas in Cleveland you can buy one for just over $45,000 a year.
Use this visual to data Home Sweet Home shows the annual income required to own a home in 50 US cities.
Note: The map above shows the entire metropolitan area and uses Q1 2022 data for median home prices. The required salary was calculated by sources by looking at the base cost of principal, interest, property taxes, and homeowner insurance.
National Homeownership Rate
San Jose is by far the most expensive city when it comes to buying a home.a person must earn more than $330,000 Annually to pay off the mortgage at a rate of $7,718 monthly.
Let’s take a closer look at the numbers.
|rank||metro area||median house price||required salary|
|#7||new york city||$578,100||$129,459|
|#15||salt lake city||$556,900||$100,970|
Perhaps surprisingly, Boston residents buy their homes for a slightly higher income than New Yorkers. Same goes for Seattle and Los Angeles. Meanwhile, some of the cheapest cities to start buying real estate are Oklahoma City and Cleveland.
As of April, Ownership rate In the United States 65%This figure represents the percentage of owner-occupied homes that are not rented or vacant.
american dream home
At the time of this data (Q1 2022), the national annual fixed mortgage rate was 4% and the median home price was $368,200With this, the salary required to buy a house is almost $76,000— The national median household income is nearly $9,000 less.
But what kind of homes are people looking to buy? Depending on where you live, the type and square footage of homes you get can vary greatly.
New York City, for example, has very few single-family homes in the traditional sense. around it 4,000 have hit the market so far. People in the Big Apple tend to buy condos and multifamily homes.
Additionally, if you are looking for luxury, even 7 digits is no big deal in a big city.In Miami, you can only buy it for a million dollars 833 square feet of prime real estate.
One thing is for sure, the quintessential American dream home of a big house with a garden and a white picket fence is more achievable in a small metropolitan area with ample suburbs.
purchase and rental
US Median household income is $67,500.This means that today a typical family can afford to buy a home at about 15 out of 50 The metropolitan areas highlighted above, including New Orleans, Buffalo, and Indianapolis.
With rising income inequality in the United States, the rental market remains an attractive option for many, especially as prices continue to fall.The average rent nationwide is under almost 3% June to July for 2-bedroom apartments.
After all, buying a home is an important investment that can give you peace of mind, but it can be much easier in certain types of cities.