How Much Do You Need To Earn To Buy A Median Price Home In The Washington D C Area

Dated: 02/19/2014

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According to the publications Daily Real Estate News, and HSH.com, which concentrates on developments in the mortgage and housing markets, the median price home in the Washington D. C. area is $368,000.  This is based on statistics from the last quarter of 2013.  How much salary do you need to earn in order to purchase a median-priced home?  To find out, HSH.com took the National Association of Realtors’ fourth-quarter data for median home prices and HSH.com’s fourth-quarter average interest rate for 30-year, fixed-rate mortgages to determine how much money home buyers....would need to earn in order to afford the principal and interest payment on a median-priced home in the Washington D.C. area.  Assuming a 4.35% interest rate and a 20% down payment, the monthly Principal and Interest payment would be $1,465.56.  This would require an annual salary of $62,809.63.   

Not as much as one might have thought.  No doubt the income would need to be higher to cover taxes, insurance, and other costs but the above figure is somewhat surprising.  
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Chuck Rifae

Chuck Rifae has been a leading Northern Virginia Realtor since 2002. Chuck holds the advanced designation of Broker of Real Estate for both Maryland and Virginia. When Chuck is not working with buyer....

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