To afford a typical home in San Jose, CA, one would need a substantial income due to the city's high housing prices. As of mid-2024, the median home price is around $1.5 million.
Based on this guideline, a household would need to earn approximately $459,000 annually to comfortably afford a home at this price, assuming a 10% down payment and current mortgage rates.
To afford a typical home in Seattle with a 10% down payment, a higher income is needed due to increased mortgage costs. As of mid-2024, the median home price is about $900,000. With a 10% down payment, buyers would need to finance $810,000, which results in higher monthly payments.
A household would need to earn approximately $200,000 annually to comfortably afford a home at this price, considering current mortgage rates. Variables such as property taxes, interest rates, and individual financial circumstances can also impact affordability.
Affording a home in New York City requires a substantial income due to the high cost of housing. As of mid-2024, the median home price is approximately $750,000. Financing $675,000 after a 10% down payment results in sizable mortgage payments.
To keep housing costs within the commonly recommended 30% of gross income, a household would need to earn upwards of $200,000 annually.
In Boston, home prices are relatively high, with the median value around $800,000 as of mid-2024. Financing $720,000 after a 10% down payment leads to significant monthly payments.
To keep housing costs under control, a household would need to earn approximately $200,000 annually. Mortgage rates, property taxes, and local living expenses can affect the exact income required for homeownership in Boston.
In Denver, the median home price is around $650,000 as of mid-2024. After making a 10% down payment, buyers would need to finance $585,000.
A household would need to earn approximately $170,000 annually to afford a home at this price comfortably. Factors such as mortgage rates, property taxes, and local cost of living may affect the exact income required.
In Salt Lake City, the median home price is around $600,000 as of mid-2024. After a 10% down payment, buyers would need to finance $540,000. To keep housing costs within the commonly advised 30% of gross income, a household would need to earn roughly $150,000 annually to afford a home at this price.
Mortgage rates, property taxes, and additional expenses like maintenance and insurance can impact the actual income required. As Salt Lake City's housing market continues to grow, it's important for prospective buyers to account for these factors when determining the affordability of homeownership.
In Miami, the median home price is around $675,000 as of mid-2024. After making a 10% down payment, buyers would need to finance approximately $607,500.
Based on the general guideline that housing costs should not exceed 30% of gross income, a household would need to earn roughly $150,000 annually to afford a home at this price.
Affording a home in Austin has become increasingly challenging with the city's rising housing prices. As of mid-2024, the median home costs around $550,000. Buyers looking to make a 10% down payment would need to finance approximately $495,000.
To comfortably manage these mortgage payments, a household income of roughly $150,000 per year is recommended. However, other factors such as mortgage rates, Austin’s property taxes, and living expenses will influence the overall affordability.
Phoenix's real estate market continues to grow, with the median home price sitting around $500,000 as of mid-2024. Buyers making a 10% down payment would need to finance $450,000.
To keep monthly housing costs manageable, a household would need to earn roughly $130,000 annually. As housing demand increases in Phoenix, it’s essential for potential buyers to carefully consider all costs involved in homeownership.
In Atlanta, the median home price is approximately $450,000 as of mid-2024. With a 10% down payment, buyers would need to finance around $405,000.
To ensure monthly housing costs remain within the commonly recommended 30% of gross income, a household would need to earn roughly $105,000 annually. Factors like mortgage rates, property taxes, and insurance premiums will affect the exact income required.
