The mortgage website HSH.com has updated its estimate of how much annual income a household would need to buy a home in major cities in the US according to first-quarter 2015 data.
Several cities — Portland, Sacramento, Miami, and Denver — appear on the list of highest-priced metro areas for the first time.
The site looked at median home prices from the National Association of Realtors, along with interest rates for common 30-year, fixed-rate mortgages and property taxes, and insurance costs, to figure out how much money it would take to pay a median-priced home's mortgage principal, taxes, and insurance — and how much you would have to earn to afford it.
Salaries listed are rounded to the nearest $500.15. Philadelphia
Median Home Price: $204,900
Monthly Mortgage Payment: $1,138
Salary Needed To Buy: $49,000
Median Home Price: $200,300
Monthly Mortgage Payment: $1,158
Salary Needed To Buy: $50,000
Median Home Price: $233,100
Monthly Mortgage Payment: $1,172
Salary Needed To Buy: $50,500
Median Home Price: $191,500
Monthly Mortgage Payment: $1,247
Salary Needed To Buy: $53,500
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