How much do you need to make to buy a house in Raleigh? More than the average annual salary for the area, in most cases.
A survey released Wednesday by HSH, a publisher of mortgage and consumer loan information, points to continued challenges with finding affordable housing.
The survey says that in Wake, Johnston and Franklin counties an individual would have to make $54,142 a year in order to afford the principal, interest, taxes and insurance on a median-priced home.
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That wouldn’t necessarily be too hard in Wake County where the average annual wage is $53,783, according to the state’s commerce department. But it might be more difficult in Johnston, where the average is $36,421. Franklin County residents fare slightly better with $40,397 as their average annual salary.
HSH reports that a median-priced home in the Wake-Johnston-Franklin area is going for $267,500. The salary needed to buy that home is based on putting 20 percent of the purchase price down. With only 10 percent down, a $62,975 salary would be needed to buy the home.
“As you likely know from your own income, overall wage gains continue to be muted, rising at about a 2.5 percent annual rate, so the ability of a potential homebuyer to keep up is increasingly difficult, if not impossible,” the report says.