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Income Needed to Purchase a Home in 10 U.S. Cities
WASHINGTON, March 19, 2015 /PRNewswire/ — Despite the continued rise in home prices in many markets throughout the country, lower interest rates and an uptick in the national family median income slightly improved affordability at the end of 2014. A newly-released infographic from the National Association of Realtors® examines home prices in 10 metro areas over a two-year period and the qualifying income needed to purchase a home with a 10 percent down payment.
The income needed to buy ranged from $37,474 in Orlando, Fla., to $79,778 in Boston.
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Data is from NAR’s 2014 fourth quarter Metropolitan Median Area Prices and Affordability report, which provides a breakdown of condo and co-op prices in over 170 metro areas.
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For additional highlights from the NAR’s fourth quarter report, visit http://www.realtor.org/topics/metropolitan-median-area-prices-and-affordability/data.
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