Annual salary needed to own a house in major metros

Mook

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Holy fucking California :rofl:

https://howmuch.net/articles/salary-needed-to-buy-a-house-in-largest-us-metros

The data for this visualization comes from the mortgage information site HSH Associates. In conducting their analysis, HSH compiled median-home price data from the National Association of Realtors, national mortgage rate data from Freddie Mac and the Mortgage Bankers Association of America, and property tax and homeowner’s insurance costs data to determine the annual salary it takes to afford a home (including principal, interest, property tax and homeowner's insurance, or PITI) in the nation's 50 largest metropolitan areas. The analysis also assumed a down payment of 20%.
The Top 5 Metro Areas With the Highest Salary Required for Buying a Home
1. San Jose, CA - $254,835.73
2. San Francisco,CA - $198,978.01
3. San Diego, CA - $131,640.79
4. Los Angeles, CA - $123,156.01
5. Boston, MA - $106,789.93

The Bottom 5 Metro Areas With the Lowest Salary Required for Buying a Home
1. Pittsburgh, PA - $37,659.86
2. Cleveland, OH - $40,437.72
3. Oklahoma City, OK - $41,335.41
4. Memphis, TN - $41,400.93
5. Indianapolis, IN - $42,288.92
 

Dan00Hawk

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Whoa... I knew the cost of living there was high, but didn't know it was that exorbitant!
 

CMNTMXR57

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Memphis is far enough south to avoid major snow.
 

ilikemtb999

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I expected Denver to be higher, seems on par though. Actually buying a house is the hardest part.
 

LikeABauce302

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Yup. I did some research last year on this. I had a job opportunity with a major tech company and decided even at a fraction of the salary, I can live more comfortable in Illinois. That and I don't want to live in California.
 

VenomousDSG

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Other than weather, I truely dont see the fixation with California.... it is a horribly expensive, stressful, batshit crazy environment to live in.
 

N20GT

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Other than weather, I truely dont see the fixation with California.... it is a horribly expensive, stressful, batshit crazy environment to live in.
The weather is amazing, great scenery, and 9/10 women are hot
 

Ron Vogel

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LOL. My wife and I took our first trip together to Memphis. I just wanted to checkout Graceland...later that night we were looking for a place to eat and stumbled upon Beale street. Neither of us heard of it before, so it was quite an experience. We had a real good time there. However, it's pretty grimy as cities go once you go beyond the downtown. And if the fault down that way ever lets go again, Memphis is going down.
 

OffshoreDrilling

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Whoa... I knew the cost of living there was high, but didn't know it was that exorbitant!
Wages are also much higher but don’t totally make up for it. I first saw this map on reddit, a couple people were saying starting pay for a union dish washer in LA at say a hotel is $18/hr. Journeyman level trades are all in the mid 50s-60s per hour.

These places also have a way, way higher potential for earnings for someone trying to move up in a career. You can make a lot of money in Chattanooga but the potential is exponentially larger to earn stupid amounts of money in Silicon Valley, NYC, LA.

It’s great that you can work an entry level post college job in one of those lower cost places and buy a house at 21-22. NYC, you’re living in a shoe box apartment for 5 years but your pay went from $80k starting to $250k.
 

OffshoreDrilling

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:finger:
California
Have you spent any time in California? It’s beautiful. You’re actually getting something worth your tax dollars.

Living in a corrupt, high tax, broke state, the only attraction to being here is the liberal haven of Chicago and the job market it provides.

The hate for California while also living in IL is laughable to me. California is definitely the much better place to be given all the above.
 

Yaj Yak

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Anytime I was out there for work I couldn't wait to get back.

edit.

well.
LA area.


south of there i enjoyed.
 

lastls1

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^ x2

You would think a place like that would really benefit from a Subway or monorail type system. Especially to and from the airport to various locations.
 

BADAZZTEALCOBRA

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I don't see them on the map, but isn't Hawaii stupid expensive as well?


California is beautiful but my shithole of a house would be like 500k out there and I know I'm not getting paid 4x the amount I am now so I'm out. :bowrofl:
 

N20GT

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The hate for California while also living in IL is laughable to me. California is definitely the much better place to be given all the above.
Seriously. Their property taxes are much lower than IL, and your quality of life will be higher.

If you pay 2.5-3% property taxes and think the people of CA are idiots for paying $400/ft for a house, I have bad news for you, they're getting more for their money than you are.
 

Yaj Yak

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right cuz paying interest to a bank is better than paying taxes to the government
 

Yaj Yak

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I think we're all idiots :dunno:


#vanlife
 

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