Average Income Needed To Buy A Home

Average Income needed to buy a home

Living in a big city is not everybody’s cup of tea. With sufficient income to live in a big US city, you might be able to afford more than you think. Someone with a modest income can likely afford to live in the U.S. city of their choosing.

Average Income Needed to Buy a Home

According to HSH.com, the average income needed to live in certain cities has been calculated for you so you can make the best choice possible when deciding where you want to live. The list is as follows:

 

City Income
Cleveland $29,788.67
Pittsburgh $30,177.78
St. Louis $31,275.49
Cincinnati $31,850.18
Detroit $32,250.30
Atlanta $34,183.44
Tampa $36,437.56
Orlando $43,243.95
San Antonio $44,506.00
Minneapolis $45,732.39
Dallas $47,708.77
Houston $49,036.60
Philadelphia $50,546.25
Chicago $52,866.88
Baltimore $53,078.51
Sacramento $58,113.87
Miami $59,734.23
Denver $59,892.46
Portland $60,307.71
Seattle $73,851.06
Washington, D.C. $78,503.56
Boston $79,820.01
Los Angeles $85,964.88
New York $89,788.69
San Diego $98,534.22
San Francisco $137,129.55

Considerations for city living

As you can see, the average income needed to live in the above cities varies. In San Diego, cost of living is higher, so it is recommended you have a near-six-figure income or more. Many people who choose to move to a rather expensive city suffer even if they have a college degree.

The availability of jobs varies from city to city. In some cities, jobs are scarce. Other expenses besides making mortgage and tax payments factor into which city you’ll be able to afford. Maintenance on the home you purchase accounts for more money than you might want to think about. Keeping up with repairs and annual upkeep on a home is estimated to be between 1 and 4 percent of its value. It is wise to account for and anticipate potential future maintenance bills.

Location, location, location. This is likely the number one factor in making a decision of where you are going to live. Factoring in things like transportation, parking, schools, job location, and what kind of commute you will have is a very smart move before you make any decisions. Be sure you’ll be able to afford all the extra costs associated with driving to work, taking the subway, or using other public transportation. Staying realistic and practical about what you can afford is an almost certain way to successfully live where you want to live.

(Source material)

By | 2017-10-23T12:35:24+00:00 July 31st, 2014|Categories: Financial|Tags: |

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