Here's the salary you have to earn to buy a home in 19 major US cities

[FLPanhandle]

http://www.businessinsider.com/salary-to-buy-a-home-2016-3

In the market for a home?

Mortgage website HSH.com has updated its estimate of how much annual income a household would need to buy a home in major metropolitan areas in the US, according to fourth-quarter 2015 data.

Thanks to lower mortgage rates and home prices, houses were more affordable in nearly every metro area measured than they had been in the previous quarter. The National Association of Realtors told HSH.com that it doesn't expect this trend to continue.

The site also calculated how it would change the salary needed to buy a home if a buyer were to put 10% down instead of the recommended 20%. No matter where you are, it's more expensive.

1. San Francisco

Population: 777,660

Median Home Price: $781,600

Monthly Mortgage Payment: $3,453

Salary Needed to Buy: $148,000



4. New York City

Population: 8,213,839

Median Home Price: $384,600

Monthly Mortgage Payment: $2,024

Salary Needed to Buy: $87,000


5. Boston

Population: 645,966

Median Home Price: $393,600

Monthly Mortgage Payment: $1,940

Salary Needed to Buy: $83,000




7. Seattle

Population: 652,405

Median Home Price: $385,300

Monthly Mortgage Payment: $1,829

Salary Needed to Buy: $78,500


10. Miami

Population: 417,650

Median Home Price: $286,000

Monthly Mortgage Payment: $1,471

Salary Needed to Buy: $63,000

[hfojvt]

1. that is much lower than I thought

Of course there are other options. After all, HALF of all homes are selling for LESS than the median price.

Also, I note that the traditional formula was a house is affordable if it is 2.5 times your salary. The numbers shown here for NYC is 4.73 times the salary. Similar numbers seem to apply for others. Just eyeballing Miami I see that 28/6 is greater than 4.

[EmperorHasNoClothes]

2. These seem a little high.

To have 30 or 35% of your gross salary go to a mortgage (not even including property taxes or PMI) is probably not sustainable for most people. These numbers were from a mortgage association, which likely explains why they are skewed high.

[leftyladyfrommo]

3. You would have e a hell of a time

Affording those houses on those salaries. That must be with no other debt.

[FLPanhandle]

4. or a car, or food

They do seem to be the upper limit of putting all your disposable income into a mortgage.

[leftyladyfrommo]

6. Cost of living in those towns is really high.

You would have to have a good car and commute.

Those months payments seem really low to me for houses that are running about 400,000. Even with 20 % down. You would have to have $80,000 down to begin with. A mortgage of $320,000 at 3%.

I wouldn't want to try it.

[progressoid]

5. As determined by a site that sells mortgages.

I smell a steaming pile...

[flamingdem]

7. New York? That price means a shoebox nt

[leftyladyfrommo]

8. Wouldn't buy much in San Francisco either

Would it?

That would buy a really nice house in KC.

[yortsed snacilbuper]

9. I paid $35.000 for my house back in the day,

and I thought that was a lot!

[abelenkpe]

14. T_T

You are so lucky! Wish we could afford a place. Would love to have a yard! I'd plant my lemon tree in the ground instead of in a pot. Enjoy your place

[nichomachus]

10. These are all stupid

I don't know where they get these figures.

I habe a friend who makes $300,000 a year. His company was going to transfer him to San Francisco an he was freaking out because he couldn't find an affordable place to buy. Fortunately the transfer fell through.

In SF, you need a salary of $150,000 just to rent a one bedroom apartment.

[abelenkpe]

13. Exactly

Probably more like a one room studio San Francisco is insane! Friend sold his home in LA and took a job at ILM. Can't find a comparable house for his family with his salary. Home prices and rents are four and five times what they were in 2000. Have salaries risen as much? Hell no. Add in education and healthcare costs and it's no wonder the working class is struggling.

[alarimer]

11. I can't afford any of those places on my own.

Guess I'll rent until I die. Although our combined salary is such we could afford DC prices, so I am more optimistic that it is doable when we want to.

But why is home ownership held out as the ultimate American Dream? I do not get it. This illusory dream is responsible for suburban sprawl and all that ugliness.

[abelenkpe]

12. Los Angeles

Population: 3,794,640

Median Home Price: $481,900

Monthly Mortgage Payment: $2,217

Salary Needed to Buy: $95,000

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Yeah....NO. Try three times that unless your buying in a bad neighborhood or commuting for more than a hour each way everyday. You wanna live anywhere west of highland and north of San Pedro you need 300,000 a year, an huge down payment and steady work. Even then you'll be lucky to find a home with decent schools. Please....481,000. For a house? No. For a 100 year old tear down garage maybe.