Miami residents need to earn an annual salary of around $67,000 to be able to afford a median-price home of $310,000, according to a national study from HSH that looked at 27 metro areas across the country.
Last year the figure was sizably lower in the same study, with a salary of just over $62,000.
The numbers break down as follows:
- Mortgage rate: 3.97 percent
- Home price: $310,500
- Year-over-year change: + 8.95 percent
- Monthly payment: $1,561.77
- Salary: $66,933.18
- Year-over-year change: +6.44 percent
If you were to put down 10 percent instead of 20 percent, the salary jumps to over $77,000. The national median home price is $235,000, which correlates to a salary of just under $52,000.
HSH’s methodology used 30-year fixed rate mortgages and available property tax and homeowners insurance costs to determine the salary required to afford the base costs for owning a home.