A mortgage research firm called HSH.com has analyzed the required salary to purchase a median priced home in several markets nationwide, assuming a 20% down payment.
If you live in Pittsburgh, Pa. you need to earn $32,373. If you live in Dallas, Tx you need to earn $50,283. If you live in Miami, Fl you need to earn $60,175. If you live in Seattle, Wa you need to earn $75,098. If you live in New York City it takes $92,271. In San Francisco you have to earn $145,361.
You may live in one of these cities. You may want to sell a property in one of these cities. You may have a potential buyer who just cannot qualify for a mortgage loan because of the tight restrictions that exist today. Consider offering a seller carry back. Construct terms that protect you and are fair to your buyer. Help our housing market.