HSH.com recently released an article comparing 27 metropolitan areas and the salary someone would need to earn in order to afford the principal, interest, taxes and insurance payments on a median-priced home. According to pricing data collected by the National Association of Realtors, a single family home in the U.S. will cost you approximately $223,900 as of 2015 median estimates. The median sales price of existing single-family homes in the U.S. has increased steadily since 2013 ($197,400) and 2014 ($208,900). That equates to a 13% increase over two years! Below is a breakdown of the median home prices for 2015 across four U.S. geographical areas:

  • Northeast: $262,500

  • Midwest: $175,500

  • South: $196,400

  • West: $319,100

home-buying-map-wage-final-c108

 

We created a 3D map above that shows how much you must earn to buy a home in 27 major U.S. metros. The higher the cone rising out of the map, the greater the salary needed to buy a home. Additionally, we have highlighted the metro areas from green to red to represent the median home price. Darker green represents lower median home prices and darker red represents higher median home prices. Of the 27 metro areas we looked at, the range of salaries needed to own a home varies from $31,134 to $147,996, which is a difference of over $100,000! Do you earn enough to own a home in your metro area?

Based on the data of 27 metro areas, below is a breakdown of the top 5 metros that require the highest salaries and the bottom 5 metros that require the lowest salaries to purchase a house.

Most Expensive Metros

  • San Francisco:

    • Salary needed: $147,996

    • Median home price: $781,600

  • San Diego:

    • Salary needed: $103,165

    • Median home price: $546,800

  • Los Angeles:

    • Salary needed: $95,040

    • Median home price: $481,900

  • New York City:

    • Salary needed: $86,770

    • Median home price: $384,600

  • Boston:

    • Salary needed: $83,151

    • Median home price: $393,600

Least Expensive Metros

  • Pittsburg:

    • Salary needed: $31,134

    • Median home price: $128,000

  • Cleveland:

    • Salary needed: $32,523

    • Median home price: $121,800

  • Cincinnati:

    • Salary needed: $33,967

    • Median home price: $136,600

  • St. Louis:

    • Salary needed: $34,777

    • Median home price: $143,700

  • Detroit:

    • Salary needed: $36,915

    • Median home price: $148,667

It Takes More Money to Live in the West

The data shows that the most expensive metros are located in the West while the least expensive metros are in the Midwest. In fact, the top three most expensive metros are located in California (San Francisco, San Diego, and Los Angeles), with New York City and Boston next. On the other hand, four Midwestern metros made the list of the five least expensive metros: Cleveland, Cincinnati, St. Louis, and Detroit. According to the national data provided byHSH.com, the median salary needed to purchase a home is $51,114. 16 of the 27 metros had higher salary requirements than the national median. From a growth perspective, Orlando (13.9%) had the largest growth in median home prices from 2014-2015 while Cincinnati had the lowest growth (-1.1%). In fact, only 3 of the 27 metros experienced declines in home prices: Washington (-0.3%), New York City (-0.4%), and Cincinnati (-1.1%). Five metros experienced double-digit growth from 2014-2015: Orlando (13.9%), Denver (12.3%), San Diego (10.9%), Portland (10.4%), and Phoenix (10.3%). If West metros continue to grow faster and outpace other metros across the U.S., the gap between salaries needed to buy a home will continue to widen across major metros! Credit: howmuch.net

Our series of information videos for cruisers using Port Canaveral in Florida as an embarkation port or port-of-call. Videos provide detailed information about port layout, directions, transportation, parking, lodging, restaurants, shore trips and other fun activities!

This is VIDEO 2 in the series – Transportation options and directions from Melbourne International Airport to Port Canaveral and nearby hotels. See the area map [ here ]

Melbourne Airport [ Link ]

We cover cruise ships from Carnival, Disney, Norwegian, Royal Caribbean as well as occasional visiting cruise ships from Aida and others.

Cities covered are Orlando, Cape Canaveral and Cocoa Beach. We discuss arrival and departure details at Orlando, Stanford and Melbourne Airports and shore excursions to Orlando theme parks, Cocoa Village, Cocoa Beach, the Kennedy Space Center and nearby wilderness areas.

Here are some of the ships that berth in Port Canaveral:

Carnival Liberty, Carnival Sensation, Disney Magic, Freedom Of The Seas, Enchantment Of The Seas, Disney Dream, Explorer Of The Seas, Disney Fantasy, Carnival Sunshine, Norwegian Breakaway, Quantum of the Seas, Grandeur of the Seas

Credit: Let’s See America

Our series of information videos for cruisers using Port Canaveral in Florida as an embarkation port or port-of-call. Videos provide detailed information about port layout, directions, transportation, parking, lodging, restaurants, shore trips and other fun activities!

This is VIDEO 1 in the series – Port Canaveral Layout. See the area map [ here ]

We cover cruise ships from Carnival, Disney, Norwegian, Royal Caribbean as well as occasional visiting cruiseliners from Aida and others.

Cities covered are Orlando, Cape Canaveral and Cocoa Beach. We discuss arrival and departure details at Orlando, Stanford and Melbourne Airports and shore excursions to Orlando theme parks, Cocoa Village, Cocoa Beach, the Kennedy Space Center and nearby wilderness areas.

Here are some of the ships that berth in Port Canaveral:

Carnival Liberty, Carnival Sensation, Disney Magic, Freedom Of The Seas, Enchantment Of The Seas, Disney Dream, Explorer Of The Seas, Disney Fantasy, Carnival Sunshine, Norwegian Breakaway, Quantum of the Seas, Grandeur of the Seas

Credit: Let’s See America

Melbourne Harbor Marina - Vivian Vuong

Melbourne Harbor Marina – Vivian Vuong

Troves of city dwellers, families, professionals and retirees enjoy Melbourne, Florida, one of the Space Coast’s most populated cities. It’s no accident that residents here love anything that produces lift. On clear days, you can see sky-rumbling satellite launches and spacecrafts containing cargo en route to the International Space Station from Cape Canaveral.

But it’s not all about outer space; the city has down-to-earth attractions too. Melbourne’s Eau Gallie Arts District features a blend of museums and galleries, while the historic downtown area features a mixture of restaurants, bars and shops. Meanwhile, the city’s population has access to water-centric activities on the 155-mile long estuary, Indian River Lagoon, which separates the Space Coast from the Atlantic Ocean. Surfing, watching manatees, kayaking, boating and fishing are all regular pastimes.

The Space Coast is committed to blending the arts, science and economic development into its energetic community. Most people are generally warm and welcoming, and given that Melbourne attracts new residents from all over the country, you are sure to meet interesting folks from all different walks of life.

Rankings
U.S. News analyzed 100 cities in the United States to find the best places to live based on quality of life and the job market in each city, as well as the value of living there and people’s desire to live there. Melbourne ranks as #40 with an overall score of 6.7 out of 10.

Complete Article [ Here ]