Based on Your Salary, Where Can You Afford to Buy a Home?

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Source: Thinkstock

Source: Thinkstock

Owning a home has long been associated with success, stability, and work ethic. An investment in your future, purchasing a home is one of your more significant financial decisions. It’s a decision nearly two out of every three Americans have made in recent years.

Interest rates, housing markets, community and school ratings, and crime statistics are only a few of the factors that may weigh into the decision to buy a home. This week, the 30-year fixed mortgage rate is 4.1 percent, and next week this rate will likely change.

While finding the right home that will earn you a decent return on your investment is essential, perhaps even more critical is the need to find a home you can afford. HSH recently published a report on the annual salary required to purchase a home in 27 different metropolitan areas. Based on this report and other supplemental data, let’s see where you can afford to buy at the median home price.

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