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Unless you’re getting an $11,000 holiday bonus, buying a home may be out-of-reach

  • ranked the fifty largest metro areas in terms of average annual household salaries necessary to afford the median base costs of a home. A 30-year fixed rate mortgage and a 20.0 percent down payment were used as controls, and property and homeowners insurance charges were also factored in.
  • Seattle came in as the seventh most expensive metro market, estimating a $93,418 household income is needed to afford the mortgage on a median-priced $478,500 house – with a 4.01 percent mortgage rate and monthly payments of $2,180. This is compared to a salary of $82,000 just one year ago, conveying that potential buyers would have needed to receive a $11,000 raise since last year to be able to afford a home.
  • The national average is 40.7 percent lower, figuring a household income of $55,391 is needed to pay for a median-priced $254,000 house. Pittsburgh was ranked the least expensive market, with a $35,205 income needed for a median-priced $146,000 house in the metro area.​

Source: The Seattle Times,​

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