News Map: The salary you need to buy a home in 27 U.S. cities

Discussion in 'The Howard Stern Show' started by Ving, Mar 9, 2015.

  1. Ving

    Ving Well-Known Member

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    Map: The salary you need to buy a home in 27 U.S. cities
    By Ana Swanson March 8

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    Here’s definitive proof that San Francisco’s real estate market is insane. HSH.com, a mortgage research site, has estimated how much salary you need to earn to afford the principal, interest, taxes and insurance payments on a median-priced home in 27 metro areas.

    On a national scale, a buyer who puts 20 percent down would need to earn a salary of $48,604 to afford the median-priced home in America. But that total varies a lot from city to city. Pittsburgh, Cleveland, St. Louis and Cincinnati rank as the most affordable metros in which to buy a new home – HSH.com estimates that you can buy the median home while making less than $34,000 – while New York, Los Angeles and San Diego are at the high end, requiring salaries of nearly $90,000 or more. But the most expensive city by far is San Francisco, where the site estimates you would need to make $142,448 to buy the median home in the area.

    The site's calculations assume that a buyer spends 28 percent of gross monthly income on housing, including principal, interest, taxes and insurance, (in line with industry guidelines for standard "front-end" debt ratios) and makes a 20 percent down payment on a house. To calculate the cost of buying the median-priced house in a given urban area, HSH.com combines its own average interest rate for 30-year, fixed-rate mortgages in the fourth quarter; the National Association of Realtors’ data on median-home prices in the fourth quarter; average metropolitan property tax data from the Tax Foundation, a Washington-based think tank; and statewide average homeowner insurance premium costs from the Insurance Information Institute, an industry organization.

    The data is, of course, an estimate — for one, property taxes and insurance costs will vary depending on the property — but it gives you a good idea of how housing costs varied around the country in the fourth quarter. You can read more about the methodology and see the site's data here.
     
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  2. smichal

    smichal A1 Dick Game

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    don't move to Cleveland, Pittsburgh or SF
     
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  3. Divorce Chicken

    Divorce Chicken white punk on dope VIP

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    I'm in Minneapolis and $47K seems very low unless you want to live in the 'hood.
     
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  4. BrulesRules

    BrulesRules Just grab 'em in the biscuits Gold

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    $77k in Washington DC is very low unless they are counting condos as homes, or a row house on MLK Blvd.
     
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  5. Mlaw

    Mlaw Quite Contrarian Gold

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    Arizona bound :cheer:
     
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  6. queerface

    queerface Un-engaged Dyke Gold

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    SF is such a great city, but so fucking expensive.
     
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  7. blindbella

    blindbella Well-Known Member

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    NYC seems very low.
     
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  8. x76

    x76 Well-Known Member

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    For laughs I looked on zillow.com what it would cost me to move to where I grew up, Newport Beach -- the cheapest one-bedroom condo I found was $800,000. PERHAPS I WON'T BE HEADING BACK THERE AGAIN...
     
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  9. ltd86

    ltd86 Racist Banned User

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    ny is crazy low unless you're only counting outer boroughs

    actually, they all seem too low.
     
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  10. AllAboutHim Ed

    AllAboutHim Ed #mypurpose VIP

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    Worthless figures. The median is skewed down by tens of thousands of homes in shithole no go areas. $54,000 income in Chicago will put you square in the hood.
     
  11. Hamptons

    Hamptons Well-Known Member

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    You couldn't sniff West LA with 89 K
     
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  12. x76

    x76 Well-Known Member

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    How the fuck do you earn $250k + in any realistic sense of the word "earn"?
     
  13. Ving

    Ving Well-Known Member

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    • Cities 30-Year Fixed Mortgage Rate % Change from 3Q14 Median Home Price % Change from 3Q14 Monthly Payment (PITI) Salary Needed
    • Pittsburgh 3.98% -0.14% $135,000 -6.90 $740.05 $31,716.32
    • Cleveland 4.05% -0.18% $121,200 -6.70 $746.91 $32,010.41
    • St Louis 4.03% -0.18% $138,400 -7.86 $777.54 $33,323.09
    • Cincinnati 4.09% -0.16% $138,100 -7.32 $781.32 $33,485.23
    • Detroit 4.18% -0.16% $135,800 -10.36 $828.83 $35,521.47
    • Atlanta 4.09% -0.14% $157,700 -5.85 $835.34 $35,800.11
    • Tampa 4.13% -0.17% $160,000 +10.34 $880.42 $37,732.20
    • Phoenix 4.06% -0.17% $200,300 -0.10 $948.69 $40,658.08
    • Orlando 4.07% -0.13% $180,000 +0.00 $983.34 $42,143.30
    • San Antonio 4.09% -0.19% $185,500 -0.48 $1,058.73 $45,374.30
    • Minneapolis 4.07% -0.18% $210,000 -4.15 $1,111.29 $47,626.53
    • Dallas 4.09% -0.22% $189,600 -2.02 $1,138.35 $48,786.53
    • Houston 4.09% -0.17% $199,300 -1.58 $1,166.28 $49,983.37
    • Philadelphia 4.14% -0.15% $213,300 -7.78 $1,187.99 $50,914.04
    • Baltimore 4.03% -0.16% $233,200 -8.84 $1,228.78 $52,661.96
    • Chicago 4.09% -0.12% $195,100 -12.04 $1,268.09 $54,346.62
    • Sacramento 4.19% -0.14% $268,700 -2.40 $1,362.96 $58,412.49
    • Miami 4.09% -0.17% $265,000 -1.85 $1,363.40 $58,431.48
    • Portland 4.11% -0.17% $288,900 -0.82 $1,414.08 $60,603.50
    • Denver 4.08% -0.20% $314,800 -0.22 $1,438.32 $61,642.15
    • Seattle 4.15% -0.13% $352,000 -2.20 $1,699.70 $72,844.31
    • Washington 3.98% -0.22% $372,800 -4.19 $1,805.88 $77,394.82
    • Boston 4.05% -0.21% $383,200 -4.18 $1,867.83 $80,049.93
    • New York City 4.22% -0.15% $390,000 -5.34 $2,042.50 $87,535.60
    • Los Angeles 4.07% -0.18% $450,900 -6.43 $2,092.18 $89,664.86
    • San Diego 4.07% -0.21% $493,100 -4.77 $2,226.76 $95,432.68
    • San Francisco 4.02% -0.18% $742,900 -0.20 $3,323.79
     
    Last edited: Mar 9, 2015
  14. Lance Murdock

    Lance Murdock Well-Known Member

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    and who could afford to put 20% down?
     
  15. Cum Burrito

    Cum Burrito Well-Known Member

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    20%, how realistic. boston's median price is $525k which makes 20% down a mere $105k down payment o_O
     
  16. Dan

    Dan Do you like my car?

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    It's crazy here in the SF bay area... SF proper is out of the question for most people, but there are tons of "affordable" places right across the bay in Oakland and surrounding suburbs. A 1 bedroom in SF will go for 500K. You can get a 3 bedroom house across the bay, in the hills, for about the same.
     
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  17. Captain

    Captain Alto, Blanco y Guapo Gold

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    Bought my condo in Silicon Valley at the bottom of the market (2009). Couldn't even dream of doing that again now.
     
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  18. baby booie

    baby booie Active Member

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    Detroit must be wrong, you only need $5 for the average house.
     
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  19. reno

    reno VIP Extreme Gold

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    In Pittsburgh, it helps if you commit fraud. Especially if you're a dentist.
     
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  20. yaddc

    yaddc Well-Known Member

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    The taxes kill ya. Electric/Water/Ins/ and what ever else. No wonder every 1s heading to Alaska. Them #s are also if ya dont plan on eating in the next 30years.
     
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