Not sure what you need to earn to afford a home in the Boston area? That's $68,956 for a median-priced home, according to the mortgage data provider HSH Associates, who recently produced a survey of the salaries you must earn to buy a home in certain U.S. cities. That's assuming an average home price of $393,700 with a mortgage rate of 4.57 percent.
We're well above places like Cleveland at an income of $22,348, but then again, well below cities like San Francisco, where you'd need to earn at least $125,072 a year to afford much.
No question about it though -- even $400,000 doesn't buy you a whole lot right in the city. Happily, however, there are plenty of lovely Boston suburbs where you can live and commute into Boston. Feel free to drop me a line to learn more!
Not sure what you can afford to buy in the Boston area? We'd be glad to share real estate market data, and connect you with some fab mortgage officers who can help you get started.
[photo courtesy of Jeff Gunn]