Depending on where you live in the United States, if you make less than $76,000 a year and with the median price for a home nationwide being close to $370,000, odds are you won't be able to afford to buy that American dream home. That's according to data Visual Capitalist uncovered during quarter 1 of 2022, where it analyzed the salary needed to buy a home in 50 U.S. metro cities.
In Florida, data suggests residents would need to make the following a year to afford a home in these cities:
- Orlando: $79.6K
- Tampa: $75.4K
- Jacksonville: $73.4K
- Miami: $103.7K
The most expensive area to purchase a home appears to be in California, specifically San Jose, where the median home price is $1,875,000 – meaning a person would need to make more than $330,000 annually to pay off the mortgage at a monthly rate of $7,718.
In areas such as Pittsburgh, Pennsylvania, however, you could buy a home worth nearly $186,000 while making just over $42,000 annually.
The U.S. median household income right now sits at $67,500, meaning a family could only afford to buy a home in about 15 of the 50 metro areas studied in Quarter 1 of the year.
With the income gap widening across the country, it appears renting versus buying a home is the more affordable option.
For a closer look at the numbers by metro city nationwide, click here.