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Survey: $80K salary necessary to own a home in Boston

A mortgage information website recently released a survey that analyzed how much a person must make in order to own a home in Boston.

Credit: WIki Commons Credit: WIki Commons

A survey by a mortgage information website shows that it takes significant earning power to own a home in the Boston area.

The survey, released Tuesday by HSH.com, analyzed the salary a person must make in order to own a home in more than two dozen cities nationwide. While Boston did not top the list, it did place within the top five most expensive cities.

The salary needed to afford a median-priced home in Boston is $79,820.01, according to HSH.com. That's the money needed in order to afford the principal, interest, taxes and insurance payments.

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To calculate the salary, the website said it usedthe National Association of Realtors’ first-quarter data for median home prices and HSH.com’s first-quarter average interest rate for 30-year, fixed-rate mortgages.

Of the 27 metropolitian areas analyzed, San Francisco topped the list with a necessary salary of more than $137,000. San Diego was second with a salary of more than $98,000 and New York City came in third with a salary just under $90,000.

Follow Michael Naughton on Twitter @metrobosmike.

 
 
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