This is the salary you must earn to buy an ‘average’ house in Atlanta
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?
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According to a recent report from HSH, you should earn $43,388.44 a year.
However, it increases to $50,105.27 if ATL homebuyers put 10 percent down instead of 20.
To determine the findings, the mortgage site used data from the 2017 third-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 the 50 most populous metropolitan areas.
For Atlanta, the average home cost $204,300, and the average monthly payment is $1,012.40.
These figures are up from the first quarter reports. In May, HSH revealed Atlantans must earn $40,725.36 a year. And it was $47,006.77 if ATL homebuyers put 10 percent down instead of 20.
The average home cost also increased. The average home costs $182,800, and the average monthly payment is $950.26.
Want to know what it is for other cities? Take a look at the map of findings below.
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About the Author
Najja Parker is a multimedia journalist covering Black culture for The Atlanta Journal-Constitution. She is an engaging on-air talent, who has served as a host for the newsroom’s special projects and events, such as the movie premiere of “The South Got Something To Say,” a documentary chronicling the rise of Atlanta hip-hop.
