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

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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 July 20, 2021

                                          Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

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                                          Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

                                          Have you ever considered your life now, and how it would be if you had more time to spend with your family and less worries about money?

                                          Nowadays, financial stress is one of the most troublesome weights in life. If you’ve ever encountered financial stress, you know the difficulty of not having enough income to pay your obligations or bills.

                                          Many people say that money is not the ultimate goal of life. While that’s true, money certainly plays a very significant role. The meaning of financial freedom changes with the different phases of our life, but ultimately, it is something that many people strive for.

                                          In this article, we’ll explain how to capture that financial freedom you’ve been looking for. Read on to learn the secrets to financial freedom.

                                          Break Free of Your Finances

                                          Financial freedom is about having a constant flow of cash from your assets to cover all your regular needs.

                                          When you are not worried about your income, or living paycheck to paycheck, you gain a great sense of freedom. It’s the freedom to be obtain and do what you truly need to make your way through everyday life.

                                          Gaining financial freedom, though, is a process of growth, making small improvements and gaining emotional strength.

                                          Though it seems hard to believe, it is really very simple to get financial freedom.

                                          To do so, you simply need to make sure that your assets exceed your liabilities. In other words, you’ll need to find the sweet-spot where your residuals meet or surpass your expenses. This is something that you can achieve with the proper plan.

                                          While not every person will accomplish financial freedom, the potential for anyone to do so is certainly there. Anyone can achieve this success, regardless of their income level.

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                                          Outlined below are 9 secrets that will help you in your goals of achieving financial freedom.

                                          1. Stop Unnecessary Spending

                                          We often spend money inwardly, instead of objectively.

                                          For example, you may spend when you’re anxious, depressed, restless, exhausted, from fear of missing out, or to please others. This is a very unhealthy way to handle your finances.

                                          To stop this habitual spending, log down all your spending over the course of a month.

                                          Just as some people keep a food diary, keep an expense diary. Remember not to just write down how much and what you spent the money on, also include the circumstances of why you spent the money. Was it an impulse buy at the checkout line or was it something you planned to purchase?

                                          This increased self-awareness could enable you to avoid triggering situations in the future when you are considering an impulse buy.

                                          2. Plan a Monthly Budget

                                          This is a great opportunity to get serious.

                                          Take a seat with your spouse or partner and make a monthly budget based on your income, not your expenses. You are never again going to spend more cash then you have on hand.

                                          Overspending is the thing that led you to more financial obligations. Make sure you decide every month what is coming in and what will be going out and stick to that budget… no matter what.

                                          3. Cut-up Credit Cards

                                          Perhaps you are the type of person who always pays your credit card balance in full before the end of your billing cycle, and enjoys the reward points you gain. If this is the case, then you’re already way ahead of the game.

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                                          If not, you may want to consider ridding your life of the burden that credit cards bring.

                                          Many cards have strategies set up so that if you make a certain number of late payments, they will raise your interest rate much higher. This can really add up in the long run and you won’t be doing your financial situation any favors. If you’re prone to late payments or have a large balance due on your cards, cut them up!

                                          Without proper self control on credit card spending and payments, you are basically throwing your money away. To ensure that you have better control over your spending, use only cash or debit for all future purchases (and don’t forget to pay at least your minimum payment on your cut-up cards each month!).

                                          4. Increase Savings

                                          There is no doubt that for a comfortable retirement you must accumulate satisfactory savings throughout your working life.

                                          It’s good practice to save up to 15% of your income.

                                          Start with your workplace 401(k), if you have one. If not, a Roth IRA (if you are eligible) or a traditional IRA (if you are not eligible for the Roth) are the next logical steps.

                                          Increase in longevity means you might be able to look forward to 25 to 30 years in retirement, or possibly even significantly more. Investing now in good retirement plans will ensure that you have a guaranteed a stable monthly income when the time comes to stop working. [1]

                                          5. Invest Wisely

                                          Consider investing in funds.

                                          Specifically, you will gain higher returns if you invest in different types of mutual funds such as Debt funds, Equity funds and Hybrid funds with a proper balance, although it absolutely relies on your personal preferences and sense of risk taking.

                                          To get the most of these benefits, make sure you are investing in a variety of assets. Another resource of investing in mutual funds is SIP (Systematic Investment Plan) where you invest some money every month in funds. SIP works by averaging the per unit price of the stock.

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                                          Mutual fund investors are aware of the benefits of an SIP (Systematic Investment Plan). For one, it is the most secure way to invest in equity mutual plans so that wealth is created over a long period of time. This plan also helps you to gain a better sense of financial discipline, which will come in handy in all your financial endeavors.

                                          6. Invest in Gold

                                          There isn’t really a better way to invest in gold than to have the physical gold itself in your possession.

                                          You can purchase gold coins and bars from mints as well as from coin dealers and other private sellers.

                                          Another way to invest in gold is through ETFs (Exchange Traded Funds).

                                          These are is similar to mutual funds but they are exclusively investments of gold. ETFs are great because they offer more liquidity; the ETF owns the actual physical gold, stores it, and retains the value of the shares. These shares can then be bought and sold in the stock market, and one big benefit is that the transaction costs of gold ETFs are much lower than the that of physical gold.

                                          With its consistently-increasing demand, investment in gold can be very wise long-term investment to make.

                                          7. Stash Emergency Funds

                                          Whether it’s a cash gift or a work bonus, always try to save any extra money that comes your way rather than making unneeded purchases.

                                          If you get paid every other week, you’ll get an “extra” paycheck (three rather than the usual two) twice a year. Either save those paychecks towards your emergency funds or utilize the money to pay down other obligations, such as loans, credit cards or other debts.

                                          Make it hard to get your cash.

                                          Put your savings in an alternate bank, maybe an online bank that forces you to delay for several business days before transferred money hits your regular bank account.

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                                          8. Find Fabulous Mentors

                                          Find a mentor, such as a friend or family member, who has exceptional control over their finances and pay attention to everything they do.

                                          If you do not have any friends or family that are enjoying financial freedom, then find a mentor online! There are numerous blogs and guru websites featuring the advice of many people who have reached financial freedom, and they exist primarily to let you in on how to achieve it for yourself.

                                          There are also plentiful forums available that share tips and tricks on how to best achieve financial freedom. Read as much as you can and start changing your habits for the better.

                                          9. Be Extra Patient

                                          Patience is the key of financial success.

                                          Being patient can be quite tough, especially when you’re struggling with your finances, but having faith is worth it. You’ll continuously be on the right track if you are taking the proper steps above.

                                          So don’t be discouraged, even if you are only saving a few dollars a month; it all adds up. Within just a few years you’ll look back proudly at your accomplishments and be glad that you had the patience to get there.

                                          Financial Freedom for All

                                          Anyone can achieve financial freedom, regardless of their financial circumstance.

                                          Use the tips provided above to get yourself on the track to financial freedom and toss your monetary concerns out the window. If you wish to achieve a life with financial freedom for yourself and your family then you must adopt a disciplined approach towards your finances.

                                          Following the simple secrets above is a great start to making your money work for you, so you can work less and live more!

                                          Featured photo credit: rawpixel via unsplash.com

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                                          Reference

                                          [1] Hartford Gold Group: IRA Retirement Accounts

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