Where in the United States can you buy a home without breaking the bank? A new report from HSH.com, a mortgage resource company, may help you make your decision.
The new report released on Feb. 20 unveiled the salary youd need to afford a home in 27 major U.S. cities. The most affordable city is Pittsburgh where an annual salary of $31,716 will get you a home. On the flip side, the West Coast city San Francisco calls for an annual salary of $142,448 yes, thats a higher salary than the average price of a home in Pittsburgh.
On a national level, you would need to earn $48,603 to afford an average-priced home, according to the data.
HSH.coms numbers are based on the median house price in each city and the monthly payment necessary for a 30-year mortgage payment with 20 percent down.
The data is, of course, an estimate for one, property taxes and insurance costs will vary depending on the property but it gives you a good idea of how housing costs varied around the country in the fourth quarter, Ana Swanson wrote for The Washington Post.
This report comes when housing prices are on the rise, according to Forbes Lauren Gensler. Data released in late February found that housing prices rose 4.6 percent in December 2014 compared to a year ago when housing prices were up 11.3 percent from previous years.
Home prices in metro areas throughout the country continue to show solid price growth, up 25 percent over the past three years on average, Lawrence Yun, a chief economist, told HSH.com.
Here are the top 10 most affordable cities to buy a home in.
Pittsburgh
Pittsburgh is one of the most affordable cities in the nation for homebuyers. Homes are on average $135,000, with monthly payments resting at $740.05. Pittsburgh citizens with a salary of $31,716 can afford a home.
Cleveland
This Midwestern town offers homes for an average of $121,200. With a monthly payment of $746.91, Clevelanders with a salary of $32,010 can afford a home.
St. Louis
The average house goes for $138,400 in St. Louis. With the citys mortgage rates making monthly payments around $777, a $33,323 salary can help you afford a home.
Cincinnati
Another Rust Belt city makes the list. Houses go for about $138,000 in Cincinnati, meaning those with a salary of $33,485, or a monthly payment of $781.32, can afford a home there.
Detroit
Detroit is going under somewhat of a resurgence, which may make now the time to buy a home in the Michigan city. After all, you just need a salary of $35,521 to afford a home, or a $828.83 monthly payment.
Atlanta
Want a home in the South? Most houses in Atlanta go for about $157,700, with average monthly mortgage payments around $835.34. A salary of $35,800 will suffice if you want to afford a house there.
Tampa
You can afford to live in this sun-soaked Floridian city by making a salary of $37,732 and a monthly payment of $880.42.
Phoenix
If you want some sun on the other side of the country, Phoenix is the place for you. The city offers homes for an average of $200,300, meaning youll need a salary of about $40,658 to afford a home there with a monthly payment of $948.69.
Orlando
Back to Florida. Orlandos homes rest at about $180,000 on average. Youll need a salary of $42,143 to afford a home there and a monthly payment of $983.34.
San Antonio
A home in this Texas city can be yours with a $45,374 salary, and payments resting around $1,058 a month.
The new report released on Feb. 20 unveiled the salary youd need to afford a home in 27 major U.S. cities. The most affordable city is Pittsburgh where an annual salary of $31,716 will get you a home. On the flip side, the West Coast city San Francisco calls for an annual salary of $142,448 yes, thats a higher salary than the average price of a home in Pittsburgh.
On a national level, you would need to earn $48,603 to afford an average-priced home, according to the data.
HSH.coms numbers are based on the median house price in each city and the monthly payment necessary for a 30-year mortgage payment with 20 percent down.
The data is, of course, an estimate for one, property taxes and insurance costs will vary depending on the property but it gives you a good idea of how housing costs varied around the country in the fourth quarter, Ana Swanson wrote for The Washington Post.
This report comes when housing prices are on the rise, according to Forbes Lauren Gensler. Data released in late February found that housing prices rose 4.6 percent in December 2014 compared to a year ago when housing prices were up 11.3 percent from previous years.
Home prices in metro areas throughout the country continue to show solid price growth, up 25 percent over the past three years on average, Lawrence Yun, a chief economist, told HSH.com.
Here are the top 10 most affordable cities to buy a home in.
Pittsburgh
Pittsburgh is one of the most affordable cities in the nation for homebuyers. Homes are on average $135,000, with monthly payments resting at $740.05. Pittsburgh citizens with a salary of $31,716 can afford a home.
Cleveland
This Midwestern town offers homes for an average of $121,200. With a monthly payment of $746.91, Clevelanders with a salary of $32,010 can afford a home.
St. Louis
The average house goes for $138,400 in St. Louis. With the citys mortgage rates making monthly payments around $777, a $33,323 salary can help you afford a home.
Cincinnati
Another Rust Belt city makes the list. Houses go for about $138,000 in Cincinnati, meaning those with a salary of $33,485, or a monthly payment of $781.32, can afford a home there.
Detroit
Detroit is going under somewhat of a resurgence, which may make now the time to buy a home in the Michigan city. After all, you just need a salary of $35,521 to afford a home, or a $828.83 monthly payment.
Atlanta
Want a home in the South? Most houses in Atlanta go for about $157,700, with average monthly mortgage payments around $835.34. A salary of $35,800 will suffice if you want to afford a house there.
Tampa
You can afford to live in this sun-soaked Floridian city by making a salary of $37,732 and a monthly payment of $880.42.
Phoenix
If you want some sun on the other side of the country, Phoenix is the place for you. The city offers homes for an average of $200,300, meaning youll need a salary of about $40,658 to afford a home there with a monthly payment of $948.69.
Orlando
Back to Florida. Orlandos homes rest at about $180,000 on average. Youll need a salary of $42,143 to afford a home there and a monthly payment of $983.34.
San Antonio
A home in this Texas city can be yours with a $45,374 salary, and payments resting around $1,058 a month.
