Monday, June 2, 2014

CHART: Here's how much money you need to earn to buy a home in Detroit

Posted By on Mon, Jun 2, 2014 at 2:39 PM

The cost of living in the U.S. varies substantially, with Clevelanders needing a base salary of only $29,788.67 annually to purchase a median-priced home, and San Franciscans needing almost five times that.

But have you ever wondered how much you, dear Detroiter, need to make annually to buy your own place?

Well, $32,250.30, apparently.

That's based on a recent report by the folks from HSH.com, an online mortgage and consumer loan information website, who recently crunched the numbers. Specially, they looked at "the National Association of Realtors’ fourth-quarter data for median home prices and HSH.com’s fourth-quarter average interest rate for 30-year, fixed-rate mortgages to determine how much money homebuyers would need to earn in order to afford only the principal and interest payment on a median-priced home in their market." (Note, they didn't take property taxes, insurance, or other expenses into account for the numbers illustrated on the chart below.)

Screenshot, HSH.com


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