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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 29, 2021

                                          Life Insurance: A Secure Way To Protect Your Future.

                                          Life Insurance: A Secure Way To Protect Your Future.

                                          Life is a journey full of ups and downs. No one can actually predict what might happen the next moment; there are times where the happiest moments do not even take a second to turn into the gravest. Planning for your future can help you face such unwelcomed but irrepressible situations with much ease. We all want to make every memorable event of our life more special and to cherish all those moments happily and worry less, you must financially plan your future. But no one has control over life and death. Who would wish to see his family suffer in his absence? Insurance hands over the financial jeopardy of life’s happenings to an insurance company.

                                          Importance of getting a life insurance

                                          No one has control over life and death. Nobody would like to see their family suffering in an absence, and that’s why many people recommend life insurance. A life insurance plan is one of the best ways to secure the future of your family, even against those financial troubles after an untimely demise. These plans are safe and credible, and you could trust them for your family’s better future.

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                                          On the other hand, a life insurance policy is a contract between a company (insurance provider) and policyholder in which the insurance provider ensures to pay a certain amount of money to the nominated beneficiary in case of the policyholder’s death during the term of the agreement. There are different types of insurance plans, and it is important for you to know the benefits of those plans such as a funeral, medical or some life expenses provided they are mentioned in the agreement.

                                          Choosing the right insurance plan

                                          If you’re about to select an insurance plan, you should consider some important factors:

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                                          • The time at which you start investing in a program and the number of family members you want to get insured. Obviously, a married man with two children has different needs compared to a single one. The number of persons who are dependent on an individual also varies from person to person.
                                          • The next thing you need to consider is you and your family needs. What are your child’s dream, your retirement plans, for how long would your dependents need financial support, any personal injury, etc. And do not forget those events or situations that will surely demand a huge sum of money.
                                          • The next thing one must consider is your current income. You should preferably choose a plan which you can afford.

                                          Now you must be having a pretty clear idea of how to choose the best plan for you. Further, you should also compare various plans offered by different companies and numerous sites available online that help will you to compare them.

                                          Differences between life insurance plans

                                          Here’s a short brief of some plan categories you can choose according to your needs:

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                                          • Term Insurance Plan – You have to pay once, and your nominee gets the paid money under your misfortune demise. It ensures a person for a fixed time. If you survive the policy period, you do not get your premiums back.
                                          • Whole Life Policy – This plan continues for your lifetime. Under this, the policyholder has to pay regular premiums, until their death.
                                          • Endowment Policy –  In case the individual dies during the tenure, the beneficiary gets the amount assured. If the person survives the policy tenure, they gets back the premiums paid with other investment returns along with several other benefits.
                                          • Money Back Policy – In this a portion of the money invested is returned to the investor at regular intervals. If you survive the insurance term you get the entire amount back; else the beneficiary receives the entire sum assured.
                                          • ULIPs – These are the life insurance plans that offer you future security plus wealth creation options.

                                          Many people do not opt for whole life policy and endowment policy because of the high amount of money you need to pay, while others may prefer to opt for these if they have a high life expectancy. Surely you will find the best one for you.

                                          So what are you waiting for? Plan for your future and live a happier and carefree life today.

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                                          Featured photo credit: aryehsampson.com via aryehsampson.com

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