People tend to share the false notion that they have to make a substantial amount of money to be a homeowner. Nothing could be farther from the truth. An aspiring homeowner can do it quite cheaply without decreasing their standard of living. In this article, we looked at 20 U.S. cities and discovered the salary you need to be a homeowner.
Pittsburgh is famously known as “The Steel City” for its 300+ steel related businesses. On a lesser note, it is also referred to as “The City of Bridges” for its 446 bridges (yes, you read that right). Last year, it was ranked #15 as being the best city for millennials.
- State: Pennsylvania
- Estimated Population: 695,000
- Median Home Price: $135,000
- Monthly Mortgage Payment: $740.05
- Salary Needed: $31,716
Cleveland is known to some as the home of King James (Lebron James that is) and to others as “The Rock & Roll Capital of the World.” Out of the 50 largest U.S. cities, Cleveland is ranked as the sixteenth most walkable city.
- State: Ohio
- Estimated Population: 390,000
- Median Home Price: $121,200
- Monthly Mortgage Payment: $746.91
- Salary Needed: $32,010
3. St. Louis
St. Louis is home to the world’s tallest arch, The Gateway Arch. It is Missouri’s tallest accessible building and has became a famous symbol of the city.
- State: Missouri
- Estimated Population: 320,000
- Median Home Price: $138,400
- Monthly Mortgage Payment: $777.54
- Salary Needed: $33,323
Historically, Cincinnati was the first major American city after the American Revolution and still is considered as the first purely American city. It is also known as “The Chili Capital of the World” because it has the most chili restaurants per capita.
- State: Ohio
- Estimated Population: 300,000
- Median Home Price: $138,100
- Monthly Mortgage Payment: $781.32
- Salary Needed: $33,485
Unfortunately, when most people think of Detroit, they tend to see its negatives as the overall consensus. Some people view Detroit as a disaster while others are taking advantage of the opportunities from the results of the disaster. It is the only big city, where you can buy a house in a neighborhood that is close to downtown for under $100,000.
The city has been incentivizing people to move under their Live Downtown and Live Midtown programs, which offers rent allowances or forgivable home loans to participants who work for one of their sponsoring employers.
- State: Michigan
- Estimated Population: 690,000
- Median Home Price: $135,800
- Monthly Mortgage Payment: $828.83
- Salary Needed: $35,521
This article originally appeared on LifeHack. You can read the rest of this article here.