See below exactly how much salary you would need to earn in order to afford the principal, interest, taxes and insurance payments on a median-priced home in 27 metro areas.
– Only three metro areas were more affordable during the second quarter: Tampa, Orlando and Miami.
– Mortgage rates fell in every metro on our list.
– Several metros saw substantial price gains during the second quarter when compared with the first quarter. Notable increases include: Cleveland at 24 percent, Chicago at 18 percent, Pittsburgh and Cincinnati at 17 percent.
– After a 15 percent increase in the second quarter, the median price of a single-family home in the San Francisco metro is $885,600….
….Please also be aware that these are salaries to cover the base cost of owning a home: principal, interest, taxes and insurance. You’ll need to earn more to pay bills and for spending money….