SOURCE:
BUSINESS INSIDERURL:
http://www.businessinsider.com/salary-required-to-buy-a-home-and-live-comfortably-in-united-states-2016-7by: Avery Hartmans
For those hoping to own a home, there's some good news: the salary required to buy a house and live comfortably is dropping throughout the U.S.
That's according to new data out from Finder.com. The personal finance website calculated salary requirements throughout the nation and found that while home values are on the rise, the average home loan interest rates are decreasing — which means it's getting more affordable for the average American to live comfortably and buy a house.
While living "comfortably" may have different definitions for different people, Finder defines it as being able to buy a home (after saving up a 20% deposit), cover typical expenditures, and pay off annual household debt.
Since Finder last analyzed the cost of living nationwide in January, a few things have changed. For those hoping to buy a home in Colorado Springs, Denver or Harrisburg, it's become more expensive in the last six months, and New York City jumped up one spot in the ranking. Northern California salary requirements, however, remain the highest in the U.S.
Here's how much you'd have to earn to live comfortably in the 27 most expensive cities around the nation.
27. Providence, RI$55,167 salary required to buy a home and live comfortably.
26. Harrisburg, PA$55,534 salary required to buy a home and live comfortably.
25. Charleston, SC$55,537 salary required to buy a home and live comfortably.
24. Rochester, NY$56,076 salary required to buy a home and live comfortably.
23. Philadelphia, PA$56,095 salary required to buy a home and live comfortably.
22. Chicago, IL$56,630 salary required to buy a home and live comfortably.
21. Pittsburgh, PA$56,634 salary required to buy a home and live comfortably.
20. Sacramento, CA$56,669 salary required to buy a home and live comfortably.
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