LOS ANGELES, CA - Do you make enough to buy a house? Mortgage rates are low, but rising costs mean home ownership is at a 50 year low, according to the U.S. Census. Are you doomed to rent forever? Depends where you live.
The mortgage information website hsh.com calculated what your salary needs to be in 25 cities to be able to purchase a home.
Nationally, the average abode costs $240,700 and you’d need to make $52,000 to afford monthly payments. But when you look at specific cities, those stats fly out the window.
In Pittsburgh ($32,390), St. Louis ($38,131), and Detroit ($38,541), your dreams are still within reach if you make less than $40,000 a year.
In Atlanta ($40,092), Phoenix ($44,715), Tampa ($44,874), and Orlando $49,382, the range is $40,000 - $50,000.
Minneapolis ($51,793), Houston ($52,274), Philadelphia ($53,421), and Dallas ($54,764) all require a bigger paycheck and are most in line with the national average.
If you want to plant roots in New York City ($86,215) or Washington, D.C. ($81,941), of course you’ll need to bring home even more.
Homes are the most expensive on the West Coast, with San Francisco topping the list with a required salary of $161,950. So you need to be making six figures or you’ll always have a landlord.
Can you afford to buy where you live? Or are you packing up and moving?