How Much Do You Need To Earn To Buy A House?

nycPhoto: REX USA/Image Source/Rex.
How much do you have to earn a year in order to afford a house? Well, a lot, depending on where you live. Luckily, the fine folks at HSH, an online mortgage and consumer loan information website, figured it out so that we don't have to.
Advertisement
By examining data from the National Association of Realtors and comparing it to their own research, HSH determined how much money potential homebuyers would need to rake in, just to afford the principal and interest payment on a median-priced home in their city.
The results won't surprise you.
Thanks to the influx of Silicon Valley wealth into the city, San Francisco ranked highest on the list, with residents needing to earn a whopping $115,510 a year just to buy an average home. In case you were wondering, average homes in San Francisco will set you back a cool $682,410.
On the flip side, Clevelanders only need to earn $19,435 a year to afford an average home (priced at around $112,800). Other notable cities include Los Angeles, with a salary requirement of $72,127, New York, with a salary requirement of $66,167, and Atlanta, with an average salary requirement of $24,391. Why is Atlanta notable you ask? Well, because our favorite uncle lives there and he never reads our stuff. Well now, maybe he will! (Business Insider)
Advertisement

More from Work & Money

Four years ago, my life was exactly where I wanted it: I was working as a senior editor at a major glossy magazine. My first young adult novel had just ...
After months of waiting and countless discussions about what the future holds for our favorite television characters, Shondaland shows are finally back. ...
Just after my son’s first birthday, I was on the phone with my mom, grappling over a gut-wrenching decision. I was scheduled to go on a business trip but...
Refinery29 joined the Clinton Foundation for a tour of Port-au-Prince, Haiti, to get a firsthand look at the experiences of the women and girls who live ...
I get so nervous before job interviews — sweaty palms, dry mouth, butterflies in my stomach. It’s really not fun. But once I’m sitting down with the ...
Fifty percent off your purchase here. 1,000 free miles there. When it comes to credit cards, the benefits are easy to see — while the downsides are often ...
As the host of RIOT's Woke Bae, we already know comedian Phoebe Robinson is funny AF while getting serious about major issues like feminism and ...
You know what's easy? Spending money. It's the best way to get what you want right now. Except...this is not sustainable. Those little luxuries add up ...
If the new phrase for the office BFF is the "work wife," then is a good boss or mentor your "work mom" or "work dad"? Part authority figure, part dispenser...
12:45 p.m. — I have a dryer, rare in Shanghai, so my friend runs home to get his laundry and then does a load at my place
Ah, the job interview. Getting one always feels like a win — your résumé passed the test, and you've moved on to the next round. Writing the cover letter...
Working in the service industry is an easy way to get an (often unwanted!) glimpse into other people's personal lives. Whether you waited tables at a ...
Recently, I was reminiscing about my financial education. Or maybe I should put that in quotes: “financial education.” In 10th grade, we created a budget ...
11 p.m. — Make some more bad decisions and send a text for delivery of some illicit substances but he misses my text, which is probably a good thing ...