Tuesday, June 3, 2014

How much do you need to make to buy a house in Orlando?

Posted By on Tue, Jun 3, 2014 at 4:51 PM


Earlier this year, we told you that you'd need to make $15.87 an hour to comfortably rent a market-rate one-bedroom apartment in Orange, Osceola, Lake and Seminole counties. Working a full time schedule, that averages out to roughly $33k a year. If you wanna buy a house, you're gonna need to bring home a bit more scratch than that. Almost five bucks an hour more.

According to HSH, an online mortgage and consumer loan information website, the minimum salary you'd need to earn in order to purchase a median-priced house in Orlando is $43,243.95. This figure puts Orlando at the lower half of the top ten most inexpensive metro areas to buy a home in the United States.

To compile the list, the folks at HSH looked at “the National Association of Realtors’ fourth-quarter data for median home prices and HSH.com’s fourth-quarter average interest rate for 30-year, fixed-rate mortgages to determine how much money homebuyers would need to earn in order to afford only the principal and interest payment on a median-priced home in their market.”

If you make under $30k a year and want to become a homeowner, look to Cleveland, where you only need to make $29,788.67 per year to purchase a home. And at the high end of the list is San Francisco at more than $130k a year. You can check out the whole chart below:



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