Gold Mining News Hubb
Advertisement
  • Home
  • Gold News
  • Mining News
  • Contact us
No Result
View All Result
  • Home
  • Gold News
  • Mining News
  • Contact us
No Result
View All Result
Gold Mining News Hubb
No Result
View All Result
Home Mining News

The Average Lot Size in Every U.S. State in 2022

admin by admin
November 29, 2022
in Mining News


This is the Salary You Need to Buy a Home in 50 U.S. Cities

Depending on where you live, owning a home may seem like a far off dream or it could be fairly realistic. In New York City, for example, a person needs to be making at least six figures to buy a home, but in Cleveland you could do it with just over $45,000 a year.

This visual, using data from Home Sweet Home, maps out the annual salary you’d need for home ownership in 50 different U.S. cities.

Note: The map above refers to entire metro areas and uses Q1 2022 data on median home prices. The necessary salary was calculated by the source, looking at the base cost of principal, interest, property tax, and homeowner’s insurance.

Home Ownership Across the U.S.

San Jose is by far the most expensive city when it comes to purchasing a home. A person would need to earn over $330,000 annually to pay off the mortgage at a monthly rate of $7,718.

Here’s a closer look at the numbers:

Rank Metro Area Median Home Price Salary Needed
#1 San Jose $1,875,000 $330,758
#2 San Francisco $1,380,000 $249,685
#3 San Diego $905,000 $166,828
#4 Los Angeles $792,500 $149,127
#5 Seattle $746,200 $140,768
#6 Boston $639,000 $130,203
#7 New York City $578,100 $129,459
#8 Denver $662,200 $121,888
#9 Austin $540,700 $114,679
#10 Washington, D.C. $553,000 $110,327
#11 Portland $570,500 $109,267
#12 Riverside/San Bernardino $560,000 $106,192
#13 Sacramento $545,000 $105,934
#14 Miami $530,000 $103,744
#15 Salt Lake City $556,900 $100,970
#16 Providence $406,700 $88,477
#17 Phoenix $474,500 $86,295
#18 Las Vegas $461,100 $84,116
#19 Raleigh $439,100 $83,561
#20 Dallas $365,400 $81,165
#21 Orlando $399,900 $79,573
#22 Chicago $325,400 $76,463
#23 Tampa $379,900 $75,416
#24 Houston $330,800 $74,673
#25 Minneapolis $355,800 $74,145
#26 Baltimore $350,900 $73,803
#27 Nashville $387,200 $73,502
#28 Jacksonville $365,900 $73,465
#29 Hartford $291,000 $73,165
#30 Charlotte $379,900 $72,348
#31 San Antonio $321,100 $70,901
#32 Atlanta $350,300 $69,619
#33 Philadelphia $297,900 $69,569
#34 Richmond $354,500 $68,629
#35 Milwaukee $298,800 $65,922
#36 Kansas City $287,400 $60,507
#37 Columbus $274,300 $59,321
#38 Virginia Beach $289,900 $59,245
#39 New Orleans $281,100 $57,853
#40 Birmingham $289,500 $55,662
#41 Indianapolis $271,600 $53,586
#42 Memphis $259,300 $52,691
#43 Cincinnati $244,300 $51,840
#44 Buffalo $202,300 $51,525
#45 Detroit $224,300 $50,302
#46 St Louis $216,700 $48,988
#47 Louisville $235,400 $48,121
#48 Cleveland $192,700 $45,448
#49 Oklahoma City $198,200 $45,299
#50 Pittsburgh $185,700 $42,858

Perhaps surprisingly, Boston residents need slightly higher earnings than New Yorkers to buy a home. The same is also true in Seattle and Los Angeles. Meanwhile, some of the cheapest cities to start buying up real estate in are Oklahoma City and Cleveland.

As of April, the rate of home ownership in the U.S. is 65%. This number represents the share of homes that are occupied by the owner, rather than rented out or vacant.

The American Dream Home

As of the time of this data (Q1 2022), the national yearly fixed mortgage rate sat at 4% and median home price at $368,200. This put the salary needed to buy a home at almost $76,000⁠—the median national household income falls almost $9,000 below that.

But what kind of homes are people looking to purchase? Depending on where you live the type of home and square footage you can get will be very different.

In New York City, for example, there are fairly few stand-alone, single-family houses in the traditional sense⁠—only around 4,000 are ever on the market. People in the Big Apple tend to buy condominiums or multi-family units.

Additionally, if you’re looking for luxury, not even seven figures will get you much in the big cities. In Miami, a million dollars will only buy you 833 square feet of prime real estate.

One thing is for sure: the typical American dream home of the big house with a yard and white picket fence is more attainable in smaller metro areas with ample suburbs.

Buying vs. Renting

The U.S. median household income is $67,500, meaning that today the typical family could only afford a home in about 15 of the 50 metro areas highlighted above, including New Orleans, Buffalo, and Indianapolis.

With the income gap widening in the U.S., the rental market remains a more attractive option for many, especially as prices are finally tapering off. The national median rent price was down nearly 3% from June to July for two-bedroom apartments.

At the end of the day, buying a home can be an important investment and may provide a sense of security, but it will be much easier to do in certain types of cities.



Source link

Previous Post

Renascor gets PEPR approval for graphite mine and concentrator

Next Post

Koulibaly seals victory as Senegal join Netherlands in Round of 16

Next Post

Koulibaly seals victory as Senegal join Netherlands in Round of 16

Recommended

Group calls for stronger human rights regulations in Nigeria

November 30, 2022

How PDP will win 2023 presidency without support of Wike, others

December 30, 2022

Don't miss it

Gold News

Experts speak on Tinubu’s plan to secure north

February 3, 2023
Mining News

Charted: Tesla’s Unrivaled Profit Margins

February 3, 2023
Mining News

Protests force Las Bambas closure

February 3, 2023
Gold News

Thungela to buy Australian coal mine Ensham for A$335m as SA risks mount

February 3, 2023
Gold News

Apprentice kills master, dumps body in well in Ondo

February 2, 2023
Mining News

GDP Growth Forecasts by Country, in 2023

February 2, 2023

gold mining-66

© 2022 Gold Mining News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • Gold News
  • Mining News
  • Contact us

Newsletter Sign Up

No Result
View All Result
  • Home
  • Gold News
  • Mining News
  • Contact us

© 2022 Gold Mining News Hubb All rights reserved.