Wondering if you're earning enough to buy a home in your area this year? Thinking of relocating to another part of the country? Check out the numbers for these 27 US cities first.
Based on resesarch by HSH.com and the National Association of Realtors, HowMuch.net created this handy 3D map. The 2016 map shows how much income you need for each market based on its median single family home price. The loan amount is based on a 30-year fixed mortgage at 4.05 percent with 20 percent down. The payment reflects the base cost of owning a home — principal, interest and taxes.
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SOURCE: HowMuch.net
Two cities had the highest home price growth from one year to the next: Orlando (surprise!) led the country at 13.89 percent, followed by Denver at 12.29 percent. In Denver, you need to earn $68,436 per year to afford a $1,538.07 monthly payment at the median price of $353,500. But in Orlando, you only need to make $47,810 to afford a $1,115.59 monthly payment for a home at the median price of $205,000.
Only have 10 percent to put down? Your payments go up and so does the amount you need to earn annually. In Denver, your would have to make $80,712. In Orlando, you'd need to earn $54,945.
SOURCE: HSH.com
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