Saving for a home is challenging, but it’s even tougher when a local market is stacked against you.
For example, assuming you make San Francisco’s median income and can pay a 10 percent down payment, just one percent of homes in San Francisco are affordable for you. That’s according to the new Home Affordability Report released by home financing company Unison, which analyzes the cost of buying a home in 22 major U.S. cities.
Though some of the results of the report are disheartening, there are some brighter spots: The majority of homes in Phoenix, for example, are actually attainable for people earning median incomes.
The above map shows affordability at median salary with a 10 percent down payment, though most experts recommend putting down 20 percent for the best chances of closing the sale and avoiding mortgage insurance, Unison spokesperson Michael Micheletti told HuffPost. However, that gold standard can be tough to achieve: Homebuyers under 35 muster only an eight percent downpayment on average, according to the National Association of Realtors.
Unison’s number-crunching yielded data on the average home prices in each city and the annual salary needed to purchase a home with both 10 and 20 percent down payments. Contrary to what you might think, a 10 percent downpayment requires a higher salary, because it almost always comes with monthly mortgage insurance payments, Micheletti said. Here are Unison’s results, ranked from most affordable to least:
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Jason Fitz is joined by Senior NFL Reporters Charles Robinson and Jori Epstein to go behind the scenes on the latest rumors and news around the NFL. The trio start with takeaways from the NFL owner's meetings as Jori was on the ground in Orlando. The hosts discuss the fallout of the new kickoff rule (are rosters going to change because of it?), the two Christmas Day games and what the heck Jerry Jones was doodling in his notebook.
Next, it's time to pull out the crystal ball as the hosts attempt to look into the future for some key quarterbacks, starting with Michigan QB J.J. McCarthy. McCarthy's draft stock has been skyrocketing lately as some rumors emerged that he could go as high as second overall. Charles gives his thoughts and what he's hearing from GMs around the league before moving onto Brock Purdy and whether San Francisco will be willing to pay him when the time comes. Charles dives deeper into the 2024 quarterback class and why every prospect has a massive red flag, and Jori gives us the latest on the Dak Prescott contract negotiations, which seem to be heading in the wrong direction. All signs are pointing towards Dak hitting free agency next offseason. Finally, Fitz wraps things up by asking about Deion Sanders' comments about choosing where his sons get drafted and whether or not player empowerment could be ascending to a new level with the emergence of NIL.
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