In the market for a home? Mortgage site HSH.com has updated its estimate of how much annual income a household would need to buy a home in major metropolitan areas in the US, according to fourth-quarter 2015 data.
Thanks to lower mortgage rates and home prices, houses were more affordable in nearly every metro area measured than they had been in the previous quarter. The National Association of Realtors told HSH.com that it doesn't expect this trend to continue. The site also calculated how it would change the salary needed to buy a home if a buyer were to put 10% down instead of the recommended 20%. No matter where you are, it's more expensive — you can visit HSH.com to see both numbers.
The site looked at median home prices from the National Association of Realtors. It took into account interest rates for common 30-year fixed-rate mortgages and property taxes and insurance costs to figure out how much money it would take to pay a median-priced home's mortgage, taxes, and insurance in each city, and how much you'd have to earn to afford it. Salaries listed are rounded to the nearest $500.
SEE ALSO: Here's how much you need to earn to live comfortably in 15 major US cities while still saving money
19. San Antonio
Population: 1,409,000
Median Home Price: $192,100
Monthly Mortgage Payment: $1,096
Salary Needed to Buy: $46,000
18. Orlando
Population: 255,483
Median Home Price: $205,000
Monthly Mortgage Payment: $1,115
Salary Needed to Buy: $48,000
17. Minneapolis
Population: 407,207
Median Home Price: $223,700
Monthly Mortgage Payment: $1,172
Salary Needed to Buy: $50,500
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