How much you need to earn to buy a house in every major city
For those who can afford it, the coronavirus crisis has caused a home-buying frenzy.
In the last year, 1 in 20 adults moved, either permanently or temporarily, from where they were living due to the Covid outbreak, according to a recent report by the Pew Research Center.
Not everyone is heading from the city to the suburbs, however. In the New York metro area, for example, 3 of the 5 most popular places to relocate to from Manhattan were less than 15 miles away, according to a separate analysis of data from the US Postal Service by Bankrate.com.
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Almost regardless of location, prices are rising in face of skyrocketing demand.
That, in turn, has fueled an affordability problem for many would-be buyers, despite mortgage rates near the lowest levels ever.
Here’s a look at how much you need to earn now to afford a home in the country’s most popular cities, according to a new analysis by Zippia.com.
For most people on the move, hot spots like San Francisco and New York remain well out of reach. On the flipside, Detroit and Akron or Toledo, Ohio are relatively affordable.