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.)