By Shawn M. Carter | CNBC
The median U.S. household now earns about $61,372 a year, up nearly 2 percent from 2016. Still, in order to afford to buy a home in one of the country’s hottest and most expensive cities, like San Jose, California, you’d need to make more than four times that amount.
That’s according to financial website How Much, which crunched numbers from the National Association of Realtors and mortgage-information website HSH.com to determine where it’s most expensive to buy an “average-sized home.”
Researchers found the median price of homes in the 50 most populated metro areas across the country and “calculated monthly principal, interest, property tax and insurance payments buyers have to pay for a 30-year fixed rate mortgage,” says How Much.
