In a number of cities in America, you’ll need to earn well over the U.S. median income to afford an average home.
The average American needs to make a little over $51,000 a year to afford the median-priced home —including principal, interest, taxes and insurance—in the U.S., a study released this week by mortgage information website HSH.com. This assumes the buyer has good to excellent credit (and thus would get a mortgage interest rate—depending on location—of around 4%), put down 20% and would be spending no more than 28% of income on principal and interest.
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