If your household is making around $150,000 a year, you can buy a home easily in most states. But this amount of money is not enough to buy a dwelling in the beautiful San Francisco. HSH.com has just released a report about the amount of dough a family has to bring in to purchase the medial local home in 27 states. The price of the home includes insurance, taxes, interest, and principal. The report also assumes that you will make a 20% down payment. The report also thinks that your monthly expense on mortgage payments will not go beyond 28% of your income.
Home prices are just going up in metro areas with the exception of Miami, Orlando, and Tampa. If your household brings in $32,000 a year, you can purchase a home in Pittsburg. This is truly the most affordable metro area in America today. The metro area of San Francisco requires the most money with $162,000 in household income today. If you want to put down a 10% down payment, your household will have to bring in around $196,000 per year.
The median price of a home in San Francisco is around $885,000 with a 15% increase according to the report. Prices of homes seem to be leveling off in America, but they are truly increasing over time. You need to take a close look at the amount of money that households earn depending on where they live.
For instance, the median household brings in $78,000 a year in San Francisco, while they earn around $48,000 in Pittsburg. But we also need to state that costs are just spiraling out of control in the famous Bay Area these days too. So you need to take this into consideration when you have talked about this.
Most households in San Francisco cannot afford a median-priced home in this area. They are also renting more. But the problem is that rent prices are also going up while the income of these families tends to stay the same. Renters tend to be spending more on housing today than they can truly afford. And we need to do something about it as soon as possible. Des Moines in Iowa offers affordable rentals. The rental market seems to be grim in America, and you have to take this into consideration today. So Des Moines can be your salvation if you want to save some money.
The housing marketing in America is very active. You can keep your family happy if you purchase the right home. But you have to consider all the costs associated with buying a new home. Remember that some areas are more expensive than others, but you can also make more money if you leave in an expensive area. This might seem a little bit weird, but this is the truth.