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Recent article points out how much it costs in most major cities to own a home. Home ownership is becoming out of reach in many parts of the United States.
A household income of $150,000 per annum in most of the parts of U.S. is pretty good to live.You can’t buy a home with this income in some of the major cities like San Francisco.
A report released Monday by mortgage and loan site HSH.com looks at what salary families in 27 metro areas would need to afford the local median home price, including principal, interest, taxes and insurance.
The report assumes a buyer’s down payment is 20 percent and uses the lending standard that a monthly home payment shouldn’t be more than 28 percent of income. It relies on the National Association of Realtors’ quarterly data for single family home prices, and excludes condos and co-ops.
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