Well, this is depressing.
Soooooo....you're in the market for buying a home, are you? GREAT. You can always go through a realtor to look into places and figure out pricing, what you can afford OR you can lean on good, old technology to gawk at crazy housing prices from the safety of your own home. Yes indeedy, this map infographic breaks down the exact salary you need in order to live in 27 of the biggest cities in the United States.
HSH, a mortgage research site, decided look into how much people would need in order to live in a median-priced home in 27 metro areas. In order to figure out pricing they took into account the principal, interest, taxes, and insurance payments. So which of America's metro areas are the most affordable?
Pittsburgh, Cleveland, St. Louis, and Cincinnati win out in the affordability category; you can make less than $34,000 and live comfortably. The cities that will bleed you dry are New York, Los Angeles, and San Diego. Are you surprised? Probably not, but what's kind of shocking is that the site claims you would need to make $900,000 or more.
This, of course, assumes each person would spend only 28 percent of his or her gross monthly income on expenses like housing, including principal, interest, taxes and insurance, and a 20 percent down payment on a house. Welp, we could dream right?