The specialist website HSH.com recently published a report of 25 U.S. cities with the highest mortgage rates in relation to residents’ annual salary.
Not surprisingly, the top is occupied by San Francisco. Homebuyers there need an annual salary of $115,510 to qualify and be able to pay for a mortgage on an average home in the Bay area priced at $682,410. Such an amount would bring the monthly payment to $2,695.
The report also points out that other costs will need to be covered such as taxes and insurance, in addition to the mandatory down payment.
Second after San Francisco comes another Californian city – San Diego. There, an average home is priced at $476,790, and in order to cover the monthly payment of $1,903 the homeowner needs to make at least $81,570 per year.
Third comes Los Angeles. To be able to afford an average home that costs $423,900, one has to earn a yearly salary of $72,126 and cover the monthly payment of $1,682.
Read the full story at Opp Connect.