Photo: 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.
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)