(KTVI)-How much salary do you need to earn in order to afford the principal and interest payments on a median-priced home in St. Louis? HSH.com, the nation's largest publisher of mortgage and consumer loan information, has released its quarterly update to “The Salary You Must Earn to Buy a Home in 27 Metros.” It includes data on insurance and taxes to give consumers an even better idea of how much salary they need.
They used the National Association of Realtors' first-quarter data for median home prices and HSH.com's first-quarter average interest rate for 30-year, fixed-rate mortgages, to determine the necessary salary.
In St. Louis, the salary is $31,275.49. Compare that to Cleveland at $29,788.67, and Atlanta at $34,183.44, Phoenix at $41,308.74. For a full list of the 27 cities, click here.
More info: KellyHager.com