How high does your salary need to be to comfortably buy a house in your city? In LA, it looks like you need to be making $92,091.89. The mortgage database HSH put together this map that analyzes the salary needed to buy a home in different parts of the country. The map is based on the median home prices in metro areas including the surrounding suburbs, and assumes you will have a 30 year fixed rate mortgage with a 20 percent down payment and be able to afford the base cost of owning a home (principal, interest, taxes, and insurance).
Forget about food if you buy in San Francisco!
What is HSH?
Hi Tony. HSH is the nation’s largest publisher of mortgage and consumer loan information. They are an objective, independent source of information about consumer loans. Just click on the map to go to their website. -mike