As thecost of livingcontinues to go up , owning a home in the metropolis is becoming an unobtainable dreaming for many urbanites . But exactly how expensive would it be to beckon sayonara to landlords and rent cheque and buy a place of your own ? Personal finance websiteSmartAssetused Census Bureau data to determine the minimal wage needed to open a nursing home in America ’s magnanimous city , CNBCreports .
After gather datum on medial dwelling house value for 2016 , SmartAsset execute the numbers game through their mortgage calculator to see what monthly rest home payments would count like in each city . For the purposes of the discipline , they wear homeowners would begin debt - free , make a 20 per centum down payment on their house , take out a 30 - yr mortgage worth 80 percent of the dwelling economic value , and pay 4 percentage involvement and 0.5 per centum homeowner ’s insurance .
California is the priciest locus for urban homeowners by far , with urban center in that state accountancy for four of the top five spot on the list . In San Francisco , where the average home economic value is over $ 1 million , you need to take home an one-year remuneration of at least $ 164,666 before you may turn over buying a house . In San Jose , California , the minimal salary for homeowner is $ 131,503 , and in New York City it ’s $ 111,662 .
But owning a home in the metropolis on a more lowly salary is n’t insufferable . In Indianapolis , the cheapest of the 15 cities , the median dwelling note value is $ 128,000 , and the minimum income to corrupt a home is $ 21,955 . Above that is Philadelphia , where you may get by as a householder on just $ 25,906 a year . home in San Antonio , Texas ; Jacksonville , Florida ; and Columbus , Ohio are all meretricious enough to buy with earnings of less than $ 30,000 .
you could moderate out the full list of cities and earnings below .
1 . San Francisco , CA // $ 164,6662.San Jose , CA // $ 131,5033.New York , NY // $ 111,6624.Los Angeles , CA // $ 97,2925.San Diego , CA // $ 97,2926.Austin , TX // $ 60,8757.Chicago , IL // $ 48,3848.Phoenix , AZ // $ 35,0229.Houston , TX // $ 33,64110.Dallas , TX // $ 33,64111.Columbus , OH // $ 28,01312.Jacksonville , FL // $ 26,99013.San Antonio , TX // $ 26,91414.Philadelphia , PA // $ 25,90615.Indianapolis , IN // $ 21,955
[ h / tCNBC ]
