|
Author
|
Topic: SF vs other cities
|
venomous99
¯
Member # 1917
|
posted
 
 
what a wonderful place to live...
http://finance.yahoo.com/news/income-afford-house-15-largest-185720762.html
Home ownership is pricey,especially in a major city. Just how much money do you need to buy a house?
In a November 2016 report, HSH.com calculates the annual before-tax income required to afford the base cost of owning a home — the mortgage's principal, interest, tax, and insurance payments — in major metro areas. Note that the base cost does not include things like repairs and renovations.
To determine the required salary, the site uses median home prices from the National Association of Realtors and average interest rates for a 30-year fixed-rate mortgage.
HSH.com also notes that "the required salary would change if you were to put 10 percent down instead of 20 percent. ... Things get more expensive when you cut the down payment in half." Read more about the methodology.
Continue on to see how much money you need to earn to afford a home in 15 of the largest U.S. cities. The cities are listed in ascending order of population.
WASHINGTON, DC:
Median home price: $393,500
Monthly mortgage payment: $1,830
Salary needed to buy: $78,460
DENVER, COLORADO:
Median home price: $386,800
Monthly mortgage payment: $1,650
Salary needed to buy: $70,740
SEATTLE, WASHINGTON:
Median home price: $422,100
Monthly mortgage payment: $1,908
Salary needed to buy: $81,770
BOSTON, MASSACHUSETTS:
Median home price: $435,300
Monthly mortgage payment: $2,007
Salary needed to buy: $86,050
DETROIT, MICHIGAN:
Median home price: $170,817
Monthly mortgage payment: $910.78
Salary needed to buy: $39,030
SAN FRANCISCO, CALIFORNIA:
Median home price: $835,400
Monthly mortgage payment: $3,550
Salary needed to buy: $152,170
DALLAS, TEXAS:
Median home price: $230,500
Monthly mortgage payment: $1,255
Salary needed to buy: $53,820
SAN DIEGO, CALIFORNIA:
Median home price: $589,300
Monthly mortgage payment: $2,535
Salary needed to buy: $108,650
SAN ANTONIO, TEXAS:
Median home price: $212,300
Monthly mortgage payment: $1,127
Salary needed to buy: $48,340
PHOENIX, ARIZONA:
Median home price: $235,300
Monthly mortgage payment: $1,029
Salary needed to buy: $44,130
PHILADELPHIA, PENNSYLVANIA:
Median home price: $234,800
Monthly mortgage payment: $1,239
Salary needed to buy: $53,110
HOUSTON, TEXAS:
Median home price: $217,400
Monthly mortgage payment: $1,203
Salary needed to buy: $51,560
CHICAGO, ILLINOIS:
Median home price: $244,100
Monthly mortgage payment: $1,430
Salary needed to buy: $61,290
LOS ANGELES, CALIFORNIA:
Median home price: $536,700
Monthly mortgage payment: $2,336
Salary needed to buy: $100,150
NEW YORK, NEW YORK:
Median home price: $397,600
Monthly mortgage payment: $1,994
Salary needed to buy: $85,490
[ 2016-11-18, 09:37 AM: Message edited by: venomous99 ]
--------------------
MKII Q7
89LX
Posts: 4811 | From: dc | Registered: Oct 2002
| :
|
|
1996 GT
I'm Joe Yates
Member # 4992
|
posted
News flash, sf market is the highest in the world.
Posts: 9308 | Registered: Oct 2004
| :
|
|
SLOWBACK 67
¯
Member # 6348
|
posted
When I think of SF. I think of people smelling their own farts.
--------------------
Originally posted by turbo50:
I have no intenions of keeping anyones parts or taking anyones money.
Posts: 8582 | From: Vallejo | Registered: Dec 2005
| :
|
|
NonOpSlow2V
¯
Member # 6111
|
posted
I live in SF.
Homes sell for way over the asking price (sometimes almost $100,000 over) and looking at the actually property...you're purchasing a large dog house compared to what you can get for your money else where like the East Bay.
It's ridiculous. Looking at our home in SF and our home in San Diego. Just ridiculous. But being from the Bay Area, we kind of had no other choice. I was not going to let these techie clowns drive me and my family out.
Good read, I just read this in the paper the other day.
--------------------
1997 Autumn Orange GT vert
1996 Mystic Cobra
2005 95ci Harley Road King
2011 F150 Raptor
Posts: 2139 | From: San Francisco | Registered: Oct 2005
| :
|
|
|
Email this post to someone!
Printer friendly view of this Ford topic
