How much salary do you need to afford mortgage payments on a median-priced home in 27 metro areas?
To find out, mortgage site HSH.com took the National Association of Realtors’ first-quarter data for median home prices and HSH.com’s first-quarter average interest rate for 30-year, fixed-rate mortgages.
The goal was to determine how much of a salary it would take to afford the base cost of owning a home — the principal, interest, taxes and insurance — in the 27 cities.
HSH.com used the standard 20 percent down payment subtracted from the NAR’s median-home-price data to arrive at their figures. The results are ranked from the lowest to highest salaries.