Buying a home is no small feat. In fact, there are many components to consider before making the big purchase, including your salary. So how much do you need to make to snag a house in Atlanta?
»RELATED: Here's what you need to earn to afford rent in Atlanta
According to a recent report from HSH, you should earn $40,725.36 a year.
However, it increases to $47,006.77 if ATL homebuyers put 10 percent down instead of 20.
To determine the findings, the mortgage site used data from the 2017 first-quarter mortgage period and the median sale home prices listed by the National Association of Realtors. It also factored in interest rates, property taxes and insurance costs to calculate how much it would cost to buy a median-priced home in 27 metro areas.
For Atlanta, the average home cost $182,800, and the average monthly payment is $950.26. That’s about a nine percent year-over-year increase.
The required salary needed to buy a home also saw a year-over-year rise. It’s up by more than 10 percent.
»RELATED: This is how Atlanta’s housing agency for the poor might help the rich instead
Want to know what it is for other cities? Take a look at the map of findings below.
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