The salary you need to earn to buy a home in 27 major US cities (and if you want to buy in San Francisco you'll need more than $140,000 a year)

[superbeets]

[h=1]The salary you need to earn to buy a home in 27 major US cities (and if you want to buy in San Francisco you'll need more than $140,000 a year)[/h]

• Median home price in San Francisco is $748,300, according to Q1 numbers
• Would require yearly household income or salary of $141,500 for payments
• Cleveland is most affordable metro area requiring a salary of about $29,400
• San Diego, New York City, Los Angeles and Boston also near top of list
• Pittsburgh, St. Louis, Cincinnati and Detroit also ranked as most affordable

By EVAN BLEIER FOR DAILYMAIL.COM
PUBLISHED: 03:04, 18 July 2015 | UPDATED: 06:51, 18 July 2015







It seems somewhat appropriate that the home of the Golden Gate Bridge once again tops the list of the highest-priced metro areas in the United States.
San Francisco was identified as the area with the least affordable housing and it would require a yearly household income of more than $140,000 to buy a median-priced home in the California city.
The median home price in San Francisco is $748,300, necessitating a salary of about $141,500.

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San Francisco, California, (above) was identified as the metro area with the least affordable housing again

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San Diego (left) and New York City (right) were also found to be two of the least affordable cities in the US



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[superbeets]

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First-quarter data about 27 major cities in the US found Cleveland to be the most affordable city


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[superbeets]

First-quarter data about 27 major cities in the US found San Diego, New York City, Los Angeles and Boston as the next-most expensive metro areas, according to a mortgage tracking website.
Cleveland, Pittsburgh, St. Louis, Cincinnati and Detroit were ranked as the most affordable metro areas in the US, according to HSH.com.
In Cleveland a median-priced home costs $105,900, requiring a salary of about $29,400.
Houston, with a median home price of $200,300 and required salary of $49,639, was in the middle.
To create the list, HSH, took 'National Association of Realtors' 2015 first-quarter data for median-home prices and HSH.com's 2015 first-quarter average interest rate for 30-year, fixed-rate mortgages to determine how much salary it would take to afford the base cost of owning a home'.

+5


In Cleveland (above) a median-priced home costs $105,900, requiring a salary of about $29,400







The principal, interest, taxes and insurance were all taken into account.
Based on the list, San Francisco homebuyers need to earn more than $112,000 more per year to afford a median-priced home in their metro area than Cleveland-area buyers require in their locale.
High demand and low inventory caused home prices in most metro areas to increase and buyers would need to earn a salary of $47,253.07 to afford a median-priced home on average in the US.
National Association of Realtors chief economist Lawrence Yun said: 'Sales activity to start the year was notably higher than a year ago, as steady hiring and low interest rates encouraged more buyers to enter the market.
'However, stronger demand without increasing supply led to faster price growth in many markets.'


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[Ricboff]

i can top that San Fran number, ...before we get to that , if one's looking for a country with a housing bubble? try The Great White North. AVERAGE home price; $440,000. . Not a misprint. If you exclude Vancouver and Toronto, average Canadian house price drops to a benign $339,893 .......dagone. With a slowing Cdn manufacturing sector and falling oil prices the economy is sputtering , to be polite. What does the Cdn govt do? DROP RATES AGAIN. Second time this year....


San Fran, step aside..

Vancouver ; $922,326 ...i think China may own half that city........


http://crea.ca/content/national-average-price-map


http://www.cbc.ca/news/business/average-canadian-home-price-is-440k-what-will-that-buy-1.3037502

 

[russ1945]

OPINION
S.F. supervisor moonlighting ban a burden

Published 5:39 pm, Monday, December 9, 2013

• 2

A proposal to prohibit moonlighting by members of the San Francisco Board of Supervisors raises a number of interesting questions. One: Does the supervisors' $108,000 salary allow a wide enough range of San Franciscans to serve in public office? Two: Is it really a full-time job? Three: Does a supervisor with outside income have divided loyalties?
The initiative being floated for the June ballot by Jon Golinger, an emerging political figure who just managed the successful campaign against the 8 Washington waterfront development, certainly has a nice populist ring in a progressive city.
But it's also mostly a hypothetical debate at this point. Only one of the 11 supervisors, Mark Farrell, reported outside income. He receives more than $100,000 as a managing director of a venture capital firm.
Many San Franciscans would have no sympathy for the argument that a supervisor could not make ends meet on a $108,000 salary. But the reality in this high-cost city is that it could be a nonstarter for many middle-class folks with high mortgages, children in college or myriad other expensive family obligations.

 

[russ1945]

Notice that this was written in 2011:

[h=3]Government / WTF?Never Mind the City's Budget Crisis: Supervisors, Mayor to Get Pay Raise[/h][h=4]Posted By Erin Sherbert @spitnews on Tue, Apr 19, 2011 at 8:29 AM[/h]

• 
  [*=left]Pay raises won't help close the budget gap

Closing a multimillion-dollar budget deficit is no easy task -- and handing out raises to elected officials will only make it that much harder.

The Examiner reports today that in the face of a $300 million budget crisis, the Civil Service Commission has reportedly signed off on raises for city officials, including the Board of Supervisors, the mayor, and the city attorney.

Right now, city supes take home $96,549 annually, yet the commission is giving them a roughly $2,000 raise. The city attorney will make off with an extra $4,000, while the mayor will get a $5,462 raise, bringing his salary to $252,935 annually.


Just counting the Board of Supervisors' raises, that's nearly $22,000 extra that taxpayers are shelling out for pay increases while city departments look to cut homeless services and health programs. The raises would have been higher if it weren't for pay concessions made by all city workers, according to the city's human resources department.

We get it. Elected officials are underpaid for the work they do, but it wasn't that long ago that the mayor and supervisors were blasting Muni operators for taking millions in pay raises and being the only union to not give back during last year's budget crisis. It was these built-in raises that made Muni operators the second-highest-paid transit workers in the nation, and it led to Supervisor Sean Elsbernd to go to voters and effectively force Muni into collective bargaining -- meaning no more automatic raises.

So how might voters feel about this latest round of pay increases? First the school board asks for raises -- significant ones -- on the same night the district handed out hundreds of pink slips to teachers. And now city officials, who have already asked departments to cut their own budgets by 20 percent, are set to put more money into their own pockets.

San Francisco's Human Resources Director Micki Callahan tells the Ex that she wasn't sure whether the commission had a choice about doling out the raises. She did note that even with the pay increases, city supervisors are still receiving salaries that are well below 2009 levels.

Well, there's the silver lining.

 

[SheriffJoe]

Liberalism is expensive.

 

[Dave007inVegas]

First-quarter data about 27 major cities in the US found San Diego, New York City, Los Angeles and Boston as the next-most expensive metro areas, according to a mortgage tracking website.
Cleveland, Pittsburgh, St. Louis, Cincinnati and Detroit were ranked as the most affordable metro areas in the US, according to HSH.com.
In Cleveland a median-priced home costs $105,900, requiring a salary of about $29,400.
Houston, with a median home price of $200,300 and required salary of $49,639, was in the middle.
To create the list, HSH, took 'National Association of Realtors' 2015 first-quarter data for median-home prices and HSH.com's 2015 first-quarter average interest rate for 30-year, fixed-rate mortgages to determine how much salary it would take to afford the base cost of owning a home'.

+5


In Cleveland (above) a median-priced home costs $105,900, requiring a salary of about $29,400







The principal, interest, taxes and insurance were all taken into account.
Based on the list, San Francisco homebuyers need to earn more than $112,000 more per year to afford a median-priced home in their metro area than Cleveland-area buyers require in their locale.
High demand and low inventory caused home prices in most metro areas to increase and buyers would need to earn a salary of $47,253.07 to afford a median-priced home on average in the US.
National Association of Realtors chief economist Lawrence Yun said: 'Sales activity to start the year was notably higher than a year ago, as steady hiring and low interest rates encouraged more buyers to enter the market.
'However, stronger demand without increasing supply led to faster price growth in many markets.'


.

FWIW that ain't Cleveland.

 

[ScottL]

FWIW that ain't Cleveland.

Yeah that looks like the campus of The University Of Puget Sound

 

[Michelangelo]

Pittsburgh?

 

[Dave007inVegas]

Pittsburgh?

Yep.

 

[ScottL]

Mount Washington

 

[Dave007inVegas]

Mount Washington

First place I lived when I got married.

 

[PatsFan1283]

Denver really skyrocketed fast last 5-6 years.

Between the ocean and NIMBYism just not a lot of land for development in coastal cities.

 

[JDeuce]

Real estate already is that high in SF.

$1M really doesn't get you any fantastic property in that city. Even 1BR, 1 bath condos run $800k. You can find a house in a surrounding suburb city like San Mateo for $1M, but again...nothing special. That amount of money won't go nearly as far as it would elsewhere. I'm going to visit my parents in Ohio in a few weeks...for what my wife and I pay to live in a 3-BR condo in Hollywood, I could probably afford a 5-BR lakefront house with a pool and a giant yard in my parents' hood. Maybe when the old lady and I are retired and cranky, we'll move there and write a check for our new home.

As a rule of thumb, most financial advisers typically suggest your mortgage shouldn't exceed 25% of your annual income. So if you want to buy a property worth $1M, you probably need to be earning at least $250k to afford it comfortably.

 

[CHOPTALK]

So if you make 140000 it is supposed to be enough to buy a 750k house.

I would never buy a 750k house on a 140k a year salary.

My rule is one year income x2.5.

so someone at 140 could 350k.

You would have to be crazy to buy that high