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Phoenix Area Near Median for Home Prices Vs. Salaries

Phoenix Area Near Median for Home Prices Vs. Salaries

(KFYI News) – A new study shows the relationship between average mortgage payments and average salaries in 25 of the nation's largest metro areas.

Phoenix came in near the middle of the pack.

HSH.com studied how much salary it takes to cover the principal and interest payments on the average home in each market.  (The calculation does not include property taxes, insurance, and other home expenses.)

In Phoenix, the study says, it would take an annual salary of $32,812 to make the principal & interest payment on the average home.  

The least expensive market was Cleveland, where it would take an annual income of less than $20,000 to make a mortgage payment on the average home.  The most expensive market, San Francisco would require an income of more than $115,000.

 

Here's the list: 

1.     Cleveland: $19,435.17

2.     Cincinnati: $22,226.95

3.     St. Louis: $22,397.54

4.     Atlanta: $24,390.94

5.     Tampa: $24,650.88

6.     Orlando: $28,298.47

7.     San Antonio: $29,305.47

8.     Dallas: $29,751.24

9.     Houston: $31,298.99

10.   Chicago: $32,388.90

11.   Phoenix: $32,811.94

12.   Minneapolis: $33,800.09

13.   Philadelphia: $36,836.47

14.   Baltimore: $41,155.40

15.   Sacramento: $42,832.20

16.   Miami: $43,918.66

17.   Portland, OR: $45,872.78

18.   Denver: $48,122.72

19.   Seattle: $59,129.86

20.   Washington, D.C.: $62,809.63

21.   Boston: $63,673.13

22.   New York City: $66,167.27

23.   Los Angeles: $72,126.90

24.   San Diego: $81,570.40

25.   San Francisco: $115,510.06

 

For more detailed info, go to http://www.hsh.com/finance/mortgage/salary-home-buying-25-cities.html

 

 

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