How Much Money Do You Have to Earn to Buy a Home?

Big news guys: I’m meeting with a realtor tomorrow! OK, it’s very, very, very preliminary, but I’m happy that I’m being proactive about it—and there’s the added bonus of crossing something off my 2014 To-Do List. Basically I just want to figure out if it’s feasible for me to even be thinking about buying a condo or if I should scrape together ever penny for the next year and try again then. Is it a good time to buy? How much do I have to put down exactly? Why are HOA fees so friggin’ much?

I hope she’s ready for those questions and about a million more. Poor woman. But in doing some background research to prepare, I ran across this new Business Insider article about how much money you have to earn to buy a home in 25 different US cities. Here’s Chicago’s numbers:

Screen Shot 2014-02-20 at 5.56.31 PMI don’t know about you, but this seems extremely low. Then again, I live in a relatively clean, violence-free and accessible part of the city, and that’s generally where I’ve been stalking places on Zillow too. We’ll see what the realtor has to say. A 2BD/2BA for $187K? I could do that—but I doubt she could.

See the dets for other cities here.

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4 thoughts on “How Much Money Do You Have to Earn to Buy a Home?

  1. You CAN do it. Remember that it’s about setting roots down. Might as well be FOR you. HOA’s take care of maintenance/ pools. Buying a condo is able and you deserve that. 🙂

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