What kind of income does it take to purchase a home?
A recent study by HSH offers answers to that question based on principal, interest, taxes and insurance payments on the median-priced home in the nation’s 50 largest metropolitan areas.
The national average salary needed is $56,159 according to the interactive report, which lets users choose the 50 metros from a list for more details on cost of living data.
Raleigh’s magic number is $56,464, based on its listed median home price of $278,300, ranking the Oak City the 25th most expensive metro.
For North Carolina’s only other major metro area, the report says people must make $48,112 to buy a home, the 35th most expensive.
That figure is based on Charlotte’s listed median home price of $234,300.
The mortgage interest rate factored for both North Carolina cities was 4.11 percent.
Prices are rising quickly, according to the report, causing a 9.3 percent year-to-year salary increase needed for people to keep pace.