Monday, June 2, 2014

CHART: Here's How Much Money You Need to Earn to Buy a Home in Cleveland

Posted By on Mon, Jun 2, 2014 at 3:39 PM

click to enlarge 800px-Downtown_Cleveland_Ohio__44_.jpg

The cost of living in the U.S. varies substantially, with some East Coasters needing a base salary of $79,000 annually to purchase a median-priced home, and some West Coasters needing almost double that. 

But have you ever wondered how much you, dear Clevelander, need to make each year to buy your own place?

Not all that much, comparably.  

HSH.com, an online mortgage and consumer loan information website, recently crunched the numbers and found that folks setting down in Cleveland need only to make $29,788.67 each year to afford average monthly mortgage payments. 

To come up with that number, HSHers looked at “the National Association of Realtors’ fourth-quarter data for median home prices and HSH.com’s fourth-quarter average interest rate for 30-year, fixed-rate mortgages to determine how much money homebuyers would need to earn in order to afford only the principal and interest payment on a median-priced home in their market.”

(Note, they didn’t take property taxes, insurance, or other expenses into account for the numbers illustrated on the chart below.)

Take a look at the numbers below - anything surprise you about Cleveland? About other U.S. cities?

click to enlarge SCREENSHOT, HSH.COM
  • Screenshot, HSH.com

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