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Incomes Needed to Buy a Home in 27 Cities
By reinvestor on July 1, 2015
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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