How much should be earned to buy a house in 15 major US cities
In Columbus, Ohio, you can afford to buy a house, earning less than $ 30 000 per year. But in New York you need to have a six-figure salary for this, according to new data from Unison, writes CNBC.
Фото: Depositphotos
To determine the necessary salary, Unison examined the average property value, and then calculated the approximate monthly expenses for the 20% down payment. For the study, Unison set the interest rate 4,54% for mortgages on 30 years with a fixed interest rate, property taxes in the amount of 1,25% per year and the cost of home insurance in the amount of 0,4% of the value of the house per year.
The wages received assume that homeowners do not spend more than 30% of their income on housing.
In expensive cities like San Francisco and Los Angeles, it can take 40 years or more to save for a down payment if you save 5% of your gross income each year. This is partly because houses are becoming more expensive: “Average house prices rose by 6% across the country from 2017 to 2018,” according to Unison.
Plus, "monthly payments have doubled as much as revenues," the report says.
Below is calculated how much you should earn in order to afford to buy a house in 15 major US cities.
Wages for buying a home with 20% down payment: $ 29 618
Average housing price: $ 151 208
How many years to save for a down payment: 12
Wages for buying a home with 20% down payment: $ 31 108
Average house price: $ 158 811
How many years to save for a down payment: 14
Wages for buying a home with 20% down payment: $ 32 510
Average house price: $ 165 972
How many years to save for a down payment: 13
Фото: Depositphotos
Wages for buying a home with 20% down payment: $ 40 210
Average housing price: $ 205 281
How many years to save for a down payment: 14
Wages for buying a home with 20% down payment: $ 40 710
Average house price: $ 207 832
How many years to save for a down payment: 14
On the subject: As a foreigner to get a loan for housing in New York: instructions and pitfalls
Wages for buying a home with 20% down payment: $ 42 937
Average house price: $ 219 201
How many years to save for a down payment: 17
Фото: Depositphotos
Wages for buying a home with 20% down payment: $ 51 031
Average housing price: $ 260 526
How many years to save for a down payment: 19
Wages for buying a home with 20% down payment: $ 54 266
Average house price: $ 277 041
How many years to save for a down payment: 20
Wages for buying a home with 20% down payment: $ 61 634
Average housing price: $ 314 657
How many years to save for a down payment: 36
Фото: Depositphotos
Wages for buying a home with 20% down payment: $ 95 344
Average housing price: $ 486 752
How many years to save for a down payment: 30
On the subject: Personal experience: how an immigrant to rent a house in the USA and not become a victim of fraudsters
Wages for buying a home with 20% down payment: $ 109 313
Average housing price: $ 558 065
How many years to save for a down payment: 36
Wages for buying a home with 20% down payment: $ 114 217
Average housing price: $ 583 100
How many years to save for a down payment: 27
Wages for buying a home with 20% down payment: $ 116 652
Average housing price: $ 595 533
How many years to save for a down payment: 31
Wages for buying a home with 20% down payment: $ 121 939
Average housing price: $ 622 523
How many years to save for a down payment: 43
Wages for buying a home with 20% down payment: $ 202 094
Average house price: $ 1 031 732
How many years to save for a down payment: 40
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