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    23 Oct 2016

    How Much You Have to Make to Buy a Home In 27 Major U.S. Cities

    Buying a house is a big financial decision, and you need to make sure you’re able to pay for it. If you’re comparing cities, this chart shows you how much you need to earn in 27 major cities before you can safely buy a home.
    Cost information site How Much analyzed the median sales price of single-family homes across 27 cities, then compared that with the minimum salary necessary to buy such a home. The necessary salary is based on keeping your housing costs under 30% of your annual income. Depending on where you live, How Much estimates you could need to make $31k to $148k in some areas. Where you live can have a huge impact on your housing costs.
    Of course, this all assumes a median home price (specific areas in those cities may cost even more) and doesn’t take into account any other bills you may have. If you have a car loan or credit card debt, you might need to make even more to keep up with house payments. There are also non-financial factors to consider before buying a house like where you plan to live in the long term or whether your career is stable. Check out the source link below to take a closer look into How Much’s data.
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