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Home and Garden

This is the salary you must earn to buy an ‘average’ house in Atlanta

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Jan 22, 2018

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?

»RELATED: Here's what you need to earn to afford rent in Atlanta

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.

Explore»RELATED: This is how Atlanta’s housing agency for the poor might help the rich instead

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.

»RELATED: House hunters, here are 5 secrets to getting the best home loan

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.

Follow Najja Parker on twitter
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