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.
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.
