HSH.com has provided an interactive map for you to learn how much someone needs to earn in a year to be able to afford the principal, interest, taxes, and insurance payments for median-priced homes in various metro areas. At the top of the list are San Diego and San Francisco, where a six-figure salary is required to be able to purchase a median-priced home. Cities in the South and in the Rust Belt are much more affordable, requiring less than $40,000 a year to be able to afford a home.
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Unless you make almost $150,000 a year, you may be out of luck if you want to purchase a home in San Francisco
The cities listed span the country’s geography and show the variety in housing prices between areas: the median monthly payment in Dallas is $1,260, while the median in San Jose is $5,790.
Buyers now need more income to purchase a home, particularly in these metros
Rising interest rates and home prices are forcing prospective buyers to dig deeper into their savings in order to afford more costly home purchases
A recent ranking tracked how many years of work it could take to achieve homeownership in the 50 biggest U.S. cities, based on median incomes and median home values.
Low supply and strong job growth are key factors in driving up home prices
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