Median home prices have risen in most major U.S. cities over the last year, including Orlando. So when factoring in interest, taxes and insurance payments, how much would you really need to make to afford a home?
With little new housing supply, #affordability continues to be a problem in most cities, the researchers conclude.
Overall across the nation, an average salary of $55,390 would pay for a home that averaged $254,000, which is a 5.26 percent increase from 2016. That’s if the homebuyer put a 20 percent down payment — the salary needed increases to $63,941 if only buying with a 10 percent down payment, reports HSH.com.
While most markets in the 50 largest U.S. states saw a decline from the second quarter to third quarter of 2017, almost all saw rises in median home prices from this time last year.