![]() With the income gap widening in the U.S., the rental market remains a more attractive option for many, especially as prices are finally tapering off. median household income is $67,500, meaning that today the typical family could only afford a home in about 15 of the 50 metro areas highlighted above, including New Orleans, Buffalo, and Indianapolis. One thing is for sure: the typical American dream home of the big house with a yard and white picket fence is more attainable in smaller metro areas with ample suburbs. In Miami, a million dollars will only buy you 833 square feet of prime real estate. People in the Big Apple tend to buy condominiums or multi-family units.Īdditionally, if you’re looking for luxury, not even seven figures will get you much in the big cities. In New York City, for example, there are fairly few stand-alone, single-family houses in the traditional sense-only around 4,000 are ever on the market. This put the salary needed to buy a home at almost $76,000-the median national household income falls almost $9,000 below that.īut what kind of homes are people looking to purchase? Depending on where you live the type of home and square footage you can get will be very different. The American Dream HomeĪs of the time of this data (Q1 2022), the national yearly fixed mortgage rate sat at 4% and median home price at $368,200. This number represents the share of homes that are occupied by the owner, rather than rented out or vacant. The same is also true in Seattle and Los Angeles. Meanwhile, some of the cheapest cities to start buying up real estate in are Oklahoma City and Cleveland.Īs of April, the rate of home ownership in the U.S. Perhaps surprisingly, Boston residents need slightly higher earnings than New Yorkers to buy a home. Here’s a closer look at the numbers: Rank A person would need to earn over $330,000 annually to pay off the mortgage at a monthly rate of $7,718. San Jose is by far the most expensive city when it comes to purchasing a home. The necessary salary was calculated by the source, looking at the base cost of principal, interest, property tax, and homeowner’s insurance. Note: The map above refers to entire metro areas and uses Q1 2022 data on median home prices. ![]() This visual, using data from Home Sweet Home, maps out the annual salary you’d need for home ownership in 50 different U.S. In New York City, for example, a person needs to be making at least six figures to buy a home, but in Cleveland you could do it with just over $45,000 a year. ![]() Citiesĭepending on where you live, owning a home may seem like a far off dream or it could be fairly realistic. This is the Salary You Need to Buy a Home in 50 U.S.
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