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How much do you need to make to afford a house in Austin? Culturemap Austin has the answer.
HSH.com’s report analyzed what annual salary is necessary to pay for principal, interest, taxes and insurance on a median-priced home in the most populated cities across the country and Austin came in at the 13th spot for the nation. It was number one in the state.
To afford a $308,000 home, the median price for Austin, Austinities have to make $69,952.75 annually. That’s with putting down 20 percent. If a homebuyer puts down just 10 percent, they would have to make $80,004.77. Across the US, people have to make $56,159.89 to pay for the median priced home, which costs $255,600.
As home prices increased, that required salary increased by $3,008.69 from the first three months of 2017 for Austin.
In Dallas, you’ll need to earn $61,039.97 per year to afford a median priced home, which put it at the number 18 spot nationally. Houstonians need to make $57,346.12, putting the city at number 22 on the list.
Not surprisingly, California is where you have to make the most to afford a house. San Jose is the most expensive in the country with a worker needing to make $221,363.63 to afford a $1.18 million home, the median home price there. San Francisco, San Diego, and Los Angeles take the 2nd through 4th spots.
Your dollar goes a lot farther in San Antonio, which nabbed a spot on the list of 25 least expensive cities. You have to make $53,829.14 to pay for a $222,600 median priced house.
Pittsburgh was the most affordable city in the country, with a median priced home going for $145,000, which requires a $35,329.29 income.
Worried about being able to afford to rent an apartment on your income? Austin Apartments Now can help! We know what income you need to qualify for every apartment and can only take you to places that will fit your budget. Give us a call at 512-258-8224.