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Future Boston Home buyers Will Need to Make More Than $106K to Afford a Home

That is the annual salary needed to afford the median home price in Boston is more than $106,000.

This is according to a recent report from the data cruncher website howmuch.net that examined detailed data from the company HSH Assoc., which compiled median-home price data from the National Association of Realtors, national mortgage rate data from Freddie Mac and the Mortgage Bankers Association of America, and property tax and homeowner’s insurance costs data. The report then determined the annual salary it takes to afford a home including principal, interest, property tax and homeowner’s insurance in the nation’s 50 largest metropolitan areas. The analysis also assumed a down payment of 20 percent.

“Single-family home sales edged higher last month as the median sale price reached an all-time high of $377,000 for the month of March according to The Warren Group, publisher of Banker & Tradesman, a 6.2 percent increase year-over-year. The median sale price in 2018 was $385,000, a 5.4 percent increase over the 2017 median price.

Meanwhile, the median condominium sale price in March dropped 7.3 percent on a year-over-year basis to $360,000. The median condo sale price in 2018 was $365,000, a 7 percent increase over the 2017 median price.”

Source and original story on www.bankerandtradesman.com

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