An increase in interest rates means home shoppers likely will need a higher salary in order to afford a median-priced home in 27 of the largest metro areas, according to mortgage data provider HSH.com's fourth-quarter 2016 salary-homeownership analysis.
Couple that with higher home prices, which are rising year over year, and it takes more to afford the principal, interest, taxes, and insurance payments on a median-priced home. Take a look at the chart below to see how much your clients will need to earn in order to afford a median-priced home in your metro area. (HSH.com uses data from the National Association of REALTORS®, the Mortgage Bankers Association, and Freddie Mac for its calculations.)
Source: “The Salary You Must Earn to Buy a Home in 27 Metros,” HSH.com (Feb. 13, 2017)
