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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 defer the down payment if you save 5% of your gross income annually. This is partly due to the fact that houses are becoming more expensive: "Average home prices rose 6% nationwide 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.

Columbus, Ohio

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

Philadelphia, Pennsylvania

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

Houston, Texas

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

Nashville, Tennessee

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

Charlotte, North Carolina

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

Phoenix, Arizona

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

Chicago, Illinois

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

Atlanta, Georgia

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

Miami, FL

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

Boston, Massachusetts

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

New York, New York

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

Seattle, WA

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

San Diego, CA

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

Los Angeles, CA

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

San Francisco California

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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