Can you afford to live in Cleveland? How about St. Louis or Minneapolis?

Can you afford to live in Cleveland? Maybe

Can you afford to live in Cleveland? Maybe

by Dan Rafter

How much do you have to make each year to own a home in Cleveland? What about Chicago or St. Louis?

Consumer mortgage site HSH.com recently ranked the annual salaries you’d need to make to afford a house in 25 major cities across the United States. Cleveland ranked as the most affordable, with HSH.com saying that you’d need a yearly salary of just $19,435.17 to afford a median-priced home of $112,800. That mortgage would come out to a monthly payment of $453.49, not including property taxes and insurance.

What about Cincinnati? According to HSH.com, you’d need to make $22,226.95 to afford the mortgage loan on a median-priced home of $128,700, giving you a monthly mortgage payment of about $518.

Other Midwest cities were affordable, too. In St. Louis you’d need a yearly salary of $22,397.54 to afford a median-priced home of $130,300. Things get pricier in Chicago. You’d need to make $32,388.90 a year to afford a median-priced home of $187,100. And in Minneapolis, the only other Midwest city on the list, you’d need to make $33,800.09 to afford a median-priced home of $197,100.

San Francisco, to no one’s surprise, topped this list. You’d need to make an annual salary of $115,510.06 to afford a median-priced home of $682,410.

Of course, these numbers are all a bit misleading. There is far more to a monthly mortgage payment than principal and interest. Property taxes and insurance can drive monthly payments far higher. And as a resident of Chicago, I doubt whether a yearly salary of $32,000 or so would get you much of a home.

Still, the HSH.com survey is an interesting look at how affordable — or not affordable — housing can be across the country.

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This entry was posted in Chicago Commercial Real Estate, Cincinnati commercial real estate, Cleveland commercial real estate, Illinois, Illinois real estate, Minneapolis commercial real estate, Minnesota real estate, Ohio commercial real estate, residential real estate and tagged , , , , , , , . Bookmark the permalink.

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