Do you make enough to buy a home in Seattle or Portland?

Do you make enough to buy a home in Seattle or Portland?

Do you make enough to buy a home in Seattle or Portland?

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by NWCN/HSH.com

HSH.com

Posted on February 19, 2014 at 10:17 AM

Updated Wednesday, Feb 19 at 2:36 PM

HSH.COM - If you want to own a home in Seattle, you need to make at least $59,000 a year. For a home in Portland, you need to make about $46,000 a year. That's according to mortgage website HSH.com. The website looked at mortgage rates and median home prices in 25 of the country’s largest metropolitan areas to determine how much salary you need to earn to cover the principal and interest payments on the average home. Property taxes, insurance and other expenses do not factor in this calculation.

Below you will find the 25 metropolitan areas, ranked in order of the salary needed in those areas to afford a median-priced home. Cleveland is the most affordable and San Francisco is the most expensive:

1.    Cleveland: $19,435.17
2.    Cincinnati: $22,226.95
3.    St. Louis: $22,397.54
4.    Atlanta: $24,390.94
5.    Tampa: $24,650.88
6.    Orlando: $28,298.47
7.    San Antonio: $29,305.47
8.    Dallas: $29,751.24
9.    Houston: $31,298.99
10.   Chicago: $32,388.90
11.   Phoenix: $32,811.94
12.   Minneapolis: $33,800.09
13.   Philadelphia: $36,836.47
14.   Baltimore: $41,155.40
15.   Sacramento: $42,832.20
16.   Miami: $43,918.66
17.   Portland, Ore.: $45,872.78
18.   Denver: $48,122.72
19.   Seattle: $59,129.86
20.   Washington, D.C.: $62,809.63
21.   Boston: $63,673.13
22.   New York City: $66,167.27
23.   Los Angeles: $72,126.90
24.   San Diego: $81,570.40
25.   San Francisco: $115,510.06

 

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