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Incomes Needed to Buy a Home in 27 Cities
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Slumping home prices and lower interest rates helped drive home ownership costs lower in all but one of the country’s 27 largest cities last quarter, according to a ranking by HSH.com.
That’s good news considering that home prices have outpaced incomes for several years now, making it increasingly difficult for people to earn enough to afford owning a median-priced home, said Keith Gumbinger, vice president of HSH.com.
Of course, where you live also makes a huge difference. In Pittsburgh, you can earn just under $32,000 a year and be able to afford a median-priced home, while in San Francisco you need to make more than four times that amount, HSH.com found.
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