This Is the Exact Salary You Need to Buy a Home in Your City
Saving for a home can seem like a daunting and almost unrealistic financial goal if you don't have a plan. If you've been thinking about becoming a first homeowner but aren't sure what steps to take, a new study by HSH reveals the exact salary you'll need to turn it into a reality.
The mortgage website analyzed data from the National Association of Realtors to determine a realistic estimate. They collated the median home price in each city, 30-year fixed mortgage interest rate, and monthly mortgage payments needed. San Jose took out the top spot as the most expensive major city in the U.S., requiring a salary of $221,363 to purchase a home. It was followed closely by San Francisco, which requires a salary of $181,341 to enter the home buyer market. Among the most affordable are Memphis, Oklahoma City, and Cincinnati, which all called for a salary of less than $40,000.
Take a look at the full set of national data here, or browse the short list of salaries needed in major U.S. cities below.
Los Angeles: $101,531
New Orleans: $44,155
New York City: $99,136
San Francisco: $181,341
Washington, D.C.: $88,664
How did your city fare?