OfflineHere’s the full list of cities from most to least expensive. The amount represents the minimum yearly salary required to buy a home.
25. San Francisco: $125,071.78
24. San Diego: $85,842.74
23. Los Angeles: $79,176.55
22. New York City: $71,254.65
21. Boston: $68,956.41
20. Washington, D.C.: $68,345.39
19. Seattle: $63,145.41
18. Denver: $50,662.05
17. Portland, Ore.: $49,170.46
16. Baltimore: $46,622.88
15. Sacramento: $45,345.74
14. Miami: $44,534.57
13. Philadelphia: $40,517.29
12. Minneapolis: $37,114.99
11. Chicago: $37,078.02
10. Phoenix: $33,497.81
9. Houston: $32,682.92
8. Dallas: $32,051.99
7. San Antonio: $31,154.35
6. Orlando: $29,630.85
5. Tampa: $26,930.35
4. Atlanta: $26,862.53
3. St. Louis: $25,227.82
2. Cincinnati: $25,151.04
1. Cleveland: $22,348.03
P.S. - Everything else is immaterial, irrelevant, and unnecessary.
or just to get in the door? Curious!
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I would be interest to see how you came about these numbers. Is this the average salary needed to buy the median home in these areas? Based on what type of financing, how much down, what credit rating? There are so many investment factors that it seems hard to generalize - well at least without an explanation of the factors you have chosen.
I agree that it would be beneficial to know a little more about what those numbers really represent in terms of qualification; however, I think the most interesting part is the rankings. Maybe there are not a lot of surprises, but it is interesting to see what the qualifying levels are for some of these areas.
I, of course, always feel smug in realizing that when you are an advocate and user of seller finance as a method of buying and selling properties, these numbers have no meaning in relationship to being able to control a property. I always like to get my little plug in for other people to become more familiar with and to use seller finance whenever possible. Seller Finance is literally the largest source of funding available for the purchase of real estate, and there is a new source of funding possible with every new property you analyze. Sellers can earn more in selling their properties, buyers can get deals that they cannot make happen if they have to qualify for bank financing, and do so with little or no money and no credit, and the only ones who lose out are the banks who did not get to provide a new loan on the property. I hope you will give seller finance another look if you aren't using it in your deals.
Dallin Wall
Real Estate Training Team
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