How Much Income Do You Need to Buy in Atlanta?

HSH Mortgage recently released a study checking how much income you’d need to buy the average priced house in 27 different cities.  It’s no surprise that Atlanta was the 6th cheapest city.  Cleveland was the cheapest and San Francisco (no surprise) was the most expensive.  In Atlanta you need to earn just over $34,000 per year in order to qualify.   That’s a pretty sweet perk of living in Atlanta that our home values are still relatively cheap.  If you’d like to check out the full report or just see where other cities rank here is the chart.  You can also read the full report from HSH by clicking here.

Cities 30-Year Fixed Mortgage Rate % Change from 4Q13 Median Home Price % Change from 4Q13 Monthly Payment (PITI) Salary Needed
Cleveland 4.50% 0.06 $102,100 -9.49 $695.07 $29,788.67
Pittsburgh 4.36% 0.04 $120,000 -6.69 $704.15 $30,177.78
St. Louis 4.40% -0.01 $120,500 -7.52 $729.76 $31,275.49
Cincinnati 4.53% 0.08 $121,700 -5.44 $743.17 $31,850.18
Detroit 4.59% 0.10 $110,750 -9.72 $752.51 $32,250.30
Atlanta 4.44% -0.03 $141,900 -0.35 $797.61 $34,183.44
Tampa 4.54% 0.04 $145,000 1.83 $850.21 $36,437.56
Phoenix 4.48% 0.07 $194,300 0.83 $963.87 $41,308.74
Orlando 4.47% -0.01 $178,000 7.36 $1,009.03 $43,243.95
San Antonio 4.62% 0.13 $169,300 -1.40 $1,038.47 $44,506.00
Minneapolis 4.52% 0.02 $188,200 -4.52 $1,067.09 $45,732.39
Dallas 4.48% 0.02 $174,800 0.52 $1,113.20 $47,708.77
Houston 4.49% 0.02 $184,600 1.26 $1,144.19 $49,036.60
Philadelphia 4.52% 0.09 $201,800 -5.83 $1,179.41 $50,546.25
Chicago 4.52% 0.02 $176,900 -5.45 $1,233.56 $52,866.88
Baltimore 4.44% 0.07 $224,500 -7.12 $1,238.50 $53,078.51
Sacramento 4.55% 0.02 $255.800 2.17 $1,355.99 $58,113.87
Miami 4.53% 0.06 $259,000 1.61 $1,393.80 $59,734.23
Denver 4.53% 0.04 $288,400 3.26 $1,397.49 $59,892.46
Portland 4.57% 0.06 $271,900 1.64 $1,407.18 $60,307.71
Seattle 4.59% 0.07 $339,900 -1.31 $1,723.19 $73,851.06
Washington D.C. 4.45% 0.07 $358,900 -2.47 $1,831.75 $78,503.56
Boston 4.47% 0.06 $363,200 -2.18 $1,862.47 $79,820.01
Los Angeles 4.52% 0.06 $406,200 -3.99 $2,005.85 $85,964.88
New York City 4.53% 0.05 $388,900 0.67 $2,095.07 $89,788.69
San Diego 4.56% 0.03 $483,000 1.30 $2,299.13 $98,534.22
San Francisco 4.39% 0.00 $679,800 -0.38 $3,199.69 $137,129.55

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