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.)

click to enlarge chartjpg

Screenshot, HSH.com


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