What kind of salary do you need to afford a home in these cities


The average American needs to make a little over $51,000 a year to afford the median-priced home — including the principal, interest, taxes and insurance — in the U.S., a study released this week by mortgage information website HSH.com. This assumes the buyer has good to excellent credit (and thus would get a mortgage interest rate — depending on where he lived — of around 4%), put down 20% and would be spending no more than 28% of his income on principal and interest.

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