From staff reports
How much do you need to make per year to afford a home in Dallas? According to one report, less than $60,000.
But is that true? According to CNBC Make It, they’ve identified 15 cities where the qualifying income to purchase a home with 10 percent or 20 percent down is an annual salary of $60,000 or less.
They’ve based this determination on data from the National Association of Realtors’ Metropolitan Median Area Prices and Affordability index. It also assumes a 4.1 percent interest rate, and a monthly principal and interest payment that is 25 percent of a homebuyer’s income, or less.
According to CNBC’s number crunchers, Dallas made the list. And it’s not too surprising, after all, another study from Zillow found that someone with a high school diploma and no college hours at all could afford (in theory) to buy a home in Dallas. (more…)