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This Is The Salary You Need To Be A Homeowner In These 20 U.S. Cities

This Is The Salary You Need To Be A Homeowner In These 20 U.S. Cities

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

    1. Pittsburgh

    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

      2. Cleveland

      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

      StLouis

        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

        Cincinnati

          4. Cincinnati

          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.

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          • State: Ohio
          • Estimated Population: 300,000
          • Median Home Price: $138,100
          • Monthly Mortgage Payment: $781.32
          • Salary Needed: $33,485

          Detroit

            5. Detroit

            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

            atl

              6. Atlanta

              Did you know that Atlanta is considered a world class city? It is ranked #45 among cities around the world and ranked #8 among cities in the nation. The city has appeared on the Forbes magazine list as one of the best cities for business and careers.

              • State: Georgia
              • Estimated Population: 450,000
              • Median Home Price: $157,000
              • Monthly Mortgage Payment: $835.34
              • Salary Needed: $35,800

              tampa

                7. Tampa

                Interestingly, Tampa is ranked as the 5th most popular city to live, according to a Pew Research study. It is also recognized as a Gamma+ world city by Loughborough University. (A gamma city is a city that links a smaller region or state to the global economy.)

                • State: Florida
                • Estimated Population: 350,000
                • Median Home Price: $160,000
                • Monthly Mortgage Payment: $880.42
                • Salary Needed: $37,732

                phoenix

                  8. Phoenix

                  Do you hate Daylight Savings Time? If so, you’re in luck because Phoenix does not observe it. It is also a city that offers countless cuisines, including (but not limited to) Mexican, Korean, Creole, Greek, Hawaiian, Thai, Italian, Indian, Brazilian, and French.

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                  • State: Arizona
                  • Estimated Population: 1,450,000
                  • Median Home Price: $200,300
                  • Monthly Mortgage Payment: $948.69
                  • Salary Needed: $40,658

                  Orlando

                    9. Orlando

                    Orlando (or The Theme Park Capital of the World) attracts more than 57 million tourists a year, including 4+ million international tourists. According to the Pew research study mentioned earlier, Orlando is the fourth most popular city to live.

                    • State: Florida
                    • Estimated Population: 255,000
                    • Median Home Price: $180,000
                    • Monthly Mortgage Payment: $983.34
                    • Salary Needed: $42,143

                    san antonio

                      10. San Antonio

                      Within the last 5 years, San Antonio has been in the nation’s top 10 as one of the fastest growing cities. Forbes magazine ranks the city for having the 9th best job market and as one of the best cities for business and careers.

                      • State: Texas
                      • Estimated Population: 1,410,000
                      • Median Home Price: $185,500
                      • Monthly Mortgage Payment: $1,058.73
                      • Salary Needed: $45,374

                      Dallas

                        11. Dallas

                        Like San Antonio, Dallas has also been in the nation’s top 10 as one of the fastest growing cities. It has the fourteenth largest GDP in the world, according to the OECD. Contrary to popular belief about Texan culture, Dallas has the 6th largest LGBT population in the nation.

                        • State: Texas
                        • Estimated Population: 1,200,000
                        • Median Home Price: $189,600
                        • Monthly Mortgage Payment: $1,138.35
                        • Salary Needed: $48,786

                        houston

                          12. Houston

                          Houston is the largest city in the Southern U.S. and considered by The Huffington Post to be the most diverse city in the nation. Within the last 5 years, it has appeared on multiple Forbes lists for being the best city for shopping, buying a home, and for college graduates.

                          • State: Texas
                          • Estimated Population: 2,200,000
                          • Median Home Price: $199,300
                          • Monthly Mortgage Payment: $1,166.28
                          • Salary Needed: $49,983

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                          Philadelphia

                            13. Philadelphia

                            Did you know that the city of brotherly love has the most outdoor sculptures and murals than any other U.S. city? Rightly so, Philadelphia has a rich history that is commonly expressed through the arts, making it the city with the most public art.

                            If you are hungry for more than art, then you’re in luck. Philadelphia is known for the “hoagie” and the Philly cheesesteak.

                            • State: Pennsylvania
                            • Estimated Population: 1,560,000
                            • Median Home Price: $213,300
                            • Monthly Mortgage Payment: $1,187.99
                            • Salary Needed: $50,914

                            TE HARBOR FOX

                              14. Baltimore

                              Like Philadelphia, Baltimore is also a historic city. It was the home of Edgar Allan Poe and Frederick Douglass. Francis Scott Key also wrote our national anthem there. The city has 280 properties that are registered as historic in the National Register of Historic Places.

                              • State: Maryland
                              • Estimated Population: 620,000
                              • Median Home Price: $233,200
                              • Monthly Mortgage Payment: $1,228.78
                              • Salary Needed: $52,661

                              chicago

                                15. Chicago

                                Chicago is the largest city in the Midwestern U.S. and commonly referred to as “The Windy City.” It is also a major world convention destination. The McCormick Place is the largest convention center in the nation and the 3rd largest in the world.

                                • State: Illinois
                                • Estimated Population: 420,000
                                • Median Home Price: $195,100
                                • Monthly Mortgage Payment: $1,268.09
                                • Salary Needed: $54,346

                                Miami

                                  16. Miami

                                  Miami is the 2nd largest city with a Spanish-speaking majority and sometimes nicknamed as “The Capital of Latin America.” There is one thing that Miami and most major Latin American cities have in common: the absence of winter.

                                  • State: Florida
                                  • Estimated Population:
                                  • Median Home Price: $265,000
                                  • Monthly Mortgage Payment: $1,363.40
                                  • Salary Needed: $58,431

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                                  Portland

                                    17. Portland

                                    Did you know that Portland is home to the most microbreweries in the world? The city is often compared to Austin because they have quite a bit in common (except the cost of living).

                                    For more than a century, Portland has been known as “The City of Roses”, due to their abundant amount of rose gardens (including the popular International Rose Test Garden).

                                    • State: Oregon
                                    • Estimated Population: 610,000
                                    • Median Home Price: $288,900
                                    • Monthly Mortgage Payment: $1,414.08
                                    • Salary Needed: $60,603

                                    Denver

                                      18. Denver

                                      The Mile-High city is exactly one mile above sea level, making it the one of the highest major cities in the United States. Forbes magazine ranks the city as one of the best cities for business and careers.

                                      • State: Colorado
                                      • Estimated Population: 665,000
                                      • Median Home Price: $314,800
                                      • Monthly Mortgage Payment: $1,438.32
                                      • Salary Needed: $61,642

                                      Seattle

                                        19. Seattle

                                        Seattle is the largest city in the Pacific Northwest and arguably the coffee capital of the West Coast. Currently, it is the only city that has passed a law to gradually increase the minimum wage, reaching $15/hr in 2 years for big businesses and 6 years for small businesses.

                                        • State: Washington
                                        • Estimated Population: 650,000
                                        • Median Home Price: $352,000
                                        • Monthly Mortgage Payment: $1,699.70
                                        • Salary Needed: $72,844

                                        Boston

                                          20. Boston

                                          Boston is the largest city in New England and one of the oldest cities in the country. The compact nature of the city makes it very walkable and is known for having the highest concentration of pedestrian commuters. The city is also famous for its native accent.

                                          • State: Massachusetts
                                          • Estimated Population: 650,000
                                          • Median Home Price: $383,200
                                          • Monthly Mortgage Payment: $1,867.83
                                          • Salary Needed: $80,049

                                          Featured photo credit: Ryan McGuire via gratisography.com

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                                          Last Updated on March 4, 2019

                                          How to Use Credit Cards While Staying Out of Debt

                                          How to Use Credit Cards While Staying Out of Debt

                                          Many people will suggest that the best thing to do with your credit cards during these tough economic times is to cut them up with a pair of scissors. Indeed, if you are already in huge debt, you probably should stop using them and begin a payback strategy immediately. However, if you are not currently in trouble with your credit cards, there are wise ways to use them.

                                          I happen to really love my credit cards so I will share with you my approach to how I use mine without getting into deep financial trouble.

                                          Ever since about 1983 when I got my first Visa card, I continue to charge as many of my purchases as possible on credit. Everything from gas, groceries and monthly payments for services like my cable and home security monitoring are charged on credit. Despite my heavy usage, I have maintained the joy of never paying any interest fees at all on any of my credit cards.

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                                          Here are some tips on how best to use your credit cards without falling into the trap of paying those nasty double-digit interest fees.

                                          Do Not Treat Credit Cards as Your Funding Sources

                                          Too many people treat their credit cards as funding sources for major purchases. Do not do this if you want to stay out of trouble. I use my credit cards as convenient financial instruments so I do not have to carry around much cash. In fact, I hate carrying cash, especially coins. When you buy things on credit, the purchases are clean and you will not get annoying coins back as change.

                                          I do not rely on my Visa, MasterCard or American Express to fund any of my purchases, large or small. This brings me to my golden rule when it comes to whether I will pull out any of my credit cards either at a retail or online store.

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                                          I never purchase anything with my credit cards if I do not have the actual cash on hand in my bank account.

                                          If I really cannot pay for the item or service with cash that I already have at the bank, then I simply will not make the purchase. Remember, my credit cards are not used as funding sources. They are just convenient alternatives to actual cash in my pocket.

                                          Make Sure to Always Pay Off Balances in Full Each Month

                                          The next very important part of my overall strategy is to make absolutely sure that I pay the balances in full each and every month no matter how large they are. This should never be a problem if the cash has been budgeted for my purchases and secured in the bank. I have always paid my full balances each month ever since my very first credit card and this is why I never pay interest charges.

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                                          Using Credit Cards with Rewards

                                          Most of my credit cards are of the “no annual fees” type, including one MasterCard on a separate account I keep at home as a spare in case I lose my wallet or incur any fraudulent charges. However, I do use a main Visa card which does have an annual fee because all purchases on that card reward me with airline frequent flyer points. For me, the annual fee is worth it since I do travel and I get enough points to redeem many free flights.

                                          You have to decide for yourself if you will charge enough purchases on credit each year without paying interest charges to warrant a credit card that rewards you with airline points (or other rewards). In my case, the answer is “yes” but that might not be the case for you.

                                          I occasionally use a MasterCard or American Express card on small purchases just to keep those accounts active. Also, I have been to the odd retailer that accepted only a certain type of credit card, so I find that having one from each major company is quite handy. Aside from my main Visa card which earns the airline points, the rest of my cards are of the “no annual fees” variety.

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                                          So this is how I use my credit cards without getting into any financial trouble with them. This strategy is recommended only if you are not in debt, of course. In fact, it is worth keeping in mind once you’re out of debt so that you can keep your credit cards active and treat them responsibly.

                                          What are your credit card usage strategies? Let me know in the comments — I’d love to hear what methods you use.

                                          Featured photo credit: Artem Bali via unsplash.com

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