Needed Income to Make Mortgage Payments in 15 Big Cities

According to a recent study done by SmartAsset, you only need an annual income of $20,294 to afford the mortgage payment for the median cost of a home in Indianapolis. However, the study assumed that the hypothetical buyers aren’t carrying any debt and are able to provide a 20% down payment which is not necessarily a likely scenario for first-time homebuyers. The findings are fascinating though. Below are listed from lowest to highest income necessary to buy a home in that city:

15. Indianapolis – $20,294

14. Jacksonville – $23,332

13. San Antonio – $23,529

12. Philadelphia – $24,465

11. Columbus – $25,702

10. Phoenix – $26,803

9. Houston – $27,067

8. Dallas – $27,505

7. Chicago – $44,244

6. Austin – $47,523

5. San Diego – $75.816

4. Los Angeles – $77,230

3. New York City – $96,993

2. San Jose – $99,963

1. San Francisco – $128,598

 

Check out the original article here:

http://www.realtor.com/news/trends/salary-to-afford-monthly-payments-on-a-home/?iid=rdc_news_hp_carousel_theLatest

 

 

 

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