New released data revealed how much-earning power is needed to purchase a home in each of America’s 50 biggest cities
According to the data that was compiled by HSH.com, national consumer & mortgage information publisher that San Jose was on the top list, residents need to earn $274,623 per year in order to purchase a house, it is followed by San Francisco that needs $213,727 per year, next is San Diego $130,986 & Los Angeles residents need to earn $114,908 per year.
During an interview with the DailyMail.com, Lawrence Yun, chief economist with the National Association of Realtors said: ‘The economy is good, but there are just not enough homes for sale. The builders have not been building to adequately meet the rising demand.” HSH.com has considered the 50 most heavily populated cities in the United States 7 calculated the monthly principal, property tax, interest, insurance costs to decide what purchasers would pay for 30-year fixed rate mortgage. Lawrence Yun said:” I would look towards areas where there is currently relatively affordable home prices along with a positive business environment to create jobs. Generally the Rocky Mountain states, as well as the southern states. Places like Salt Lake City are really good candidates, as well as Boise, Idaho.”
The expensive regions are really facing this unaffordable situation, ‘Even if people are offered a good job in San Francisco (for example), there may be workers hesitant to move there because most of their income will be eaten up by housing costs.- Lawrence Yun added.