Buying a home got more challenging in the past year, with rising interest rates and tight inventory the main culprits. If you’re wondering where you can afford to live, HSH.com’s newest report may help.
The report shows how much you need to make to qualify for a mortgage for a median-priced home in the 50 largest American cities. The calculations take into account home prices in each of those cities in the fourth quarter of 2018, as well as 30-year fixed-rate mortgage rates, property taxes and homeowner’s insurance.
While the national median home price last year was $257,600, requiring an annual income of $61,454, prices varied widely in metropolitan markets across the country. The following are the 10 priciest areas, according to HSH.com, and the 10 most affordable, with their requisite incomes for purchase.