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, 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’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.)


Tags: , ,

We welcome readers to submit letters regarding articles and content in Detroit Metro Times. Letters should be a minimum of 150 words, refer to content that has appeared on Detroit Metro Times, and must include the writer's full name, address, and phone number for verification purposes. No attachments will be considered. Writers of letters selected for publication will be notified via email. Letters may be edited and shortened for space.

Email us at

Detroit Metro Times works for you, and your support is essential.

Our small but mighty local team works tirelessly to bring you high-quality, uncensored news and cultural coverage of Detroit and beyond.

Unlike many newspapers, ours is free – and we'd like to keep it that way, because we believe, now more than ever, everyone deserves access to accurate, independent coverage of their community.

Whether it's a one-time acknowledgement of this article or an ongoing pledge, your support helps keep Detroit's true free press free.

Read the Digital Print Issue

March 3, 2021

View more issues


Never miss a beat

Sign Up Now

Subscribe now to get the latest news delivered right to your inbox.

Best Things to Do In Detroit

© 2021 Detroit Metro Times - Contact Us

Website powered by Foundation