10 Markets Where Salaries Stretch Furthest
Here is some interesting info on housing affordability in some areas.
Pittsburgh ranks first in housing affordability, when you look at the salary you need to afford a monthly house payment there, according to a new analysis conducted by HSH.com.
Learn why housing affordability is slowly falling, according to this reading of NAR’s latest Housing Affordability Index.
The mortgage research site crunched second-quarter housing data from the National Association of REALTORS® to determine how much money it takes to afford the base cost of owning a median-priced home in 27 markets. HSH.com factored principal, interest, taxes, and insurance into determining the housing costs of a median-priced home.
The following are the 10 markets that topped HSH.com’s list for the smallest paycheck a person would need to afford a median-priced home:
- Pittsburgh: $33,128.20 (salary needed)
- Cleveland: $33,881.55
- Cincinnati: $35,864.16
- St. Louis: $36,020.47
- Detroit: $36,236.03
- Tampa: $37,913.32
- Atlanta: $38,005.28
- Phoenix: $41,250.52
- Orlando: $43,163.95
- San Antonio: $46,304.97
Source: “The Salary You Must Earn to Buy a Home in 27 Markets,” HSH.com (Aug. 15, 2014)
