It seems kind of silly to have to ask the question, "is that a bedroom?" when you see what obviously looks like one. Our friend, you might just be surprised that what you see might NOT be a bedroom
The Salary You Need To Buy A Home In The US
HSH.com, a mortgage research site, has estimated how much salary you need to earn to afford the principal, interest, taxes and insurance payments on a median-priced home in 27 metro areas.
On a national scale, a buyer who puts 20 percent down would need to earn a salary of $48,604 to afford the median-priced home in America. But that total varies a lot from city to city. Pittsburgh, Cleveland, St. Louis and Cincinnati rank as the most affordable metros in which to buy a new home – HSH.com estimates that you can buy the median home while making less than $34,000 – while New York, Los Angeles and San Diego are at the high end, requiring salaries of nearly $90,000 or more. But the most expensive city by far is San Francisco, where the site estimates you would need to make $142,448 to buy the median home in the area.
The site's calculations assume that a buyer spends 28 percent of gross monthly income on housing, including principal, interest, taxes and insurance, (in line with industry guidelines for standard "front-end" debt ratios) and makes a 20 percent down payment on a house. To calculate the cost of buying the median-priced house in a given urban area, HSH.com combines its own average interest rate for 30-year, fixed-rate mortgages in the fourth quarter; the National Association of Realtors’ data on median-home prices in the fourth quarter; average metropolitan property tax data from the Tax Foundation, a Washington-based think tank; and statewide average homeowner insurance premium costs from the Insurance Information Institute, an industry organization.
The data is, of course, an estimate — for one, property taxes and insurance costs will vary depending on the property — but it gives you a good idea of how housing costs varied around the country in the fourth quarter. You can read more about the methodology and see the site's data here.
In our area, the market is strong, and there's never been a better time to buy! We have trusted loan originators available to talk with you about salary requirements for home buying in the TriCities. We have great inventory, and invite you to review homes listed by The Shields Team like this one at 129 Shepherd Road, Johnson City TN 37601. MLS# 362948. List: $334,900.
This gorgeous log home is truly a rustic retreat! Beautifully situated on 1.17 acres, the quality and craftsmanship of this one-of-a-kind property is sure to impress. This lovely 3-story home offers loads of options for entertaining or just relaxing in its quiet, country setting. The home has 3 bedrooms and 3.5 baths. You will find a master suite on the main level with plenty of closet space and a pretty master bath with double sinks, a separate shower, and a garden tub with tile surround for soaking! There is another spacious bedroom located on the second floor complete with its own full bath. The third bedroom is located in the well-appointed lower level, where you will find yet another full bath! The heart of the home is most definitely the great room with wood vaulted ceiling, stacked stone fireplace, a show-stopping log mantle, and large windows for taking in all of the natural beauty that surrounds this home. The open floor plan leads into an eat-in kitchen which provides a great space for cooking and chatting. There are plenty of cabinets, stainless steel appliances, and Flex flooring. You will find stunning hardwood floors throughout the home, as well as many other attractive wood accents. There are many other surprises with this home too! You will be pleased to find a large craft room which provides many options for additional living space, an impressive wine cellar with redwood racking and Breeze Air cooling unit, and a spacious laundry room with lots of cabinets for storage and a wash sink. There is ample room for parking with a 2-car attached garage, offering second floor storage, as well as a 2-car drive under area. Most impressively, this home boasts a 20 x 20 screened in sunroom with a covered breezeway. There is no better place to take in the stunning views! This property is a must see for anyone who is looking to escape to their own private country estate.
Call us at 423-896-1232 for your private showing!
(article courtesy: http://www.washingtonpost.com/blogs/wonkblog/wp/2015/03/08/map-the-salary-you-need-to-buy-a-home-in-27-u-s-cities/
Holding a BS in Environmental Science, and MA in Education, real estate was not Shields Team Buyer Specialist Rayne Price's first career choice. It was only after encouragement from his wife and a cl....
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