From the Real Deal:
Using the National Association of Realtors’ data on housing affordability, Business Insider gathered a list of the US metro areas where the minimum salary required to qualify for a mortgage, after a 20 percent down payment, is highest. What they found was that the salary needed to qualify in the top-five metro areas — four of which are located in California — exceeds $100,000.
Here’s what it you need to be earning to buy in New York, Miami and Los Angeles.
The New York-Newark-Jersey City, New York/New Jersey/Pennsylvania metro areas ranked 13th overall in BI’s list. With a population of 20,182,305 and a median home cost of $414,000, the salary you need to buy is $76,613.
From the Star Ledger:
As rent and home prices keep rising in New Jersey, the number it takes to be considered low-income by the Department of Housing and Urban Development continues to be surprisingly high in New Jersey.
In 2017, a family of four in New Jersey earning $68,000 a year or less is considered low-income, according to HUD.