Buying a house anywhere in the US is not easy for those who are receiving small salary. One example is buying a home in Los Angeles where people will need to have a median annual salary of $99,500 to buy a house worth $506,800.
If one wants to buy a home in Miami, Florida, there is a need of a much lower salary as compared to Los Angeles with only $64,112 with home prices starting at $290,000.
In Portland, Oregon, people need to earn at least $66,507 annually to buy a house worth $319,300 with monthly payments at around $1,500.
In Seattle, Washington, the average home price is $386,300 and people will need an annual salary of $79,283 to buy a home as reported by My Domaine media. On the other hand, owning a home in the Big Apple is hard to do as it people will need to have an annual salary of at least $91,497 to buy a home worth $410,500
In San Francisco, if you plan to move to Silicon Valley, people need to get first an awesome high paying job with $153,152 annual salary so you can buy a house worth $809,400 with monthly payments of $3,573.
If people can't afford a down payment of 20% for the house which is about $161,880 then owning a home in Silicon Valley is impossible.
The managing editor of the HSH.com, Tim Manni, told TODAY, "Your salary is going to need to be a little bit higher than this to really handle all of life's other expenses beyond just owning a home such as credit cards, student loans and car payments."
San Diego is another city where it's not easy to own a home, as people need to have an annual salary of $106,695.94 to afford to buy a median-home price of $554,400 of which the average monthly payment would be about $2,500 as reported by Today news.
If wanting to own a home in Boston, people need to have an annual salary of $92,796.90 to afford a home worth $449,900.
