Can You Afford A Home In Seattle?
(CBS Seattle) — You should be making at least $59,000 dollars a year if you want to own a home in Seattle, according to Northwest Cable News.
For its calculations, the mortgage website HSH.com looked at mortgage rates and median home prices from data collected at the end of 2013. The minimum salary is based on the ability to pay principal and interest payments on an average-priced home. HSH estimated the median cost of a home in Seattle at $344,000 with a monthly payment of just over $1,300.
Of the 25 largest metro areas in the country, Cleveland was the most affordable, where a salary of only a little more than $19,000 could comfortably buy a home. San Francisco was the most expensive, where a salary of more than $115,000 was recommended. In Portland, the recommended salary was $46,000. The more affordable cities tended to be in the south (Texas) and southwest. As expected, the more expensive cities were along the east coast (New York City, Boston, Washington, D.C.) and in California (Los Angeles).
To see the full list of all 25 cities from HSH.com, click here.
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