Moving? This is how much you have to earn to be able to afford a home

For those who can afford it, the coronavirus crisis has sparked a shopping spree.

In the past year, one in twenty adults moved permanently or temporarily from their place of residence due to a Covid outbreak, according to a recent report from the Pew Research Center.

However, not everyone travels from the city to the suburbs. For example, in the New York metropolitan area, three of the five most popular moving locations were less than 15 miles away from Manhattan. This comes from a separate analysis of the US Postal Service data from Bankrate.com.

More from Invest in You:
Americans are more in debt than ever before
How much do you have to invest each month to save $ 2 million up to 40?
How much money do you need to retire? Start with $ 1.7 million

Almost regardless of the location, prices are rising given the exploding demand.

This, in turn, has created an affordability problem for many potential buyers even though mortgage rates are close to their lowest ever.

According to a new analysis by Zippia.com, here’s how much you need to earn now to afford a home in the country’s most popular cities.

For most people on the go, hotspots like San Francisco and New York remain inaccessible. On the other hand, Detroit and Akron or Toledo, Ohio are relatively affordable.

Comments are closed.