An annual study by the Joint Center for Housing Studies at Harvard University, The State of the Nation's Housing 2017, determined how much it costs to own a home in different U.S cities. The report calculated the average monthly cost of a median-priced single-family home, assuming property taxes of 1.25 percent, property insurance of 0.25 percent, mortgage insurance of 0.5 percent and a five percent down payment.
CNBC rounded up the findings into a list of prices for 15 U.S. cities, including the fast-growing areas of Denver, Houston, and Dallas. The cities listed span the country’s geography and show the variety in housing prices between areas: the median monthly payment in Dallas is $1,260, while the median in San Jose is $5,790.
Financial planners suggest that homeowners should not spend more than 28 percent of their gross income on housing each month. In addition to mortgage, housing costs include the interest, property taxes, and insurance on the home. Based on the prices in the housing report, home buyers can quickly determine which cities they can comfortably afford to live in.
Advertisement
Related Stories
New-Home Sales
Mortgage Rates Are Up but New-Home Sales Still Solid in March
Lack of existing home inventory drove a rise in new-home sales, despite higher interest rates in March
Labor + Trade Relations
Who's Earning What in Construction
Workers in construction management roles may earn a higher median wage, but on average, lower-paid occupations have experienced somewhat faster wage growth
Build to Rent
Build-to-Rent Is Booming, Particularly in These Metros
A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development
