The National Association of Realtors looked at home price appreciation in the second quarter of 2019 and calculated the salary necessary to qualify for a mortgage across the U.S.
The National Association of REALTORS® reported that quarterly home prices increased again this past quarter. Prices continued to rise, with 91% of the markets showing home price appreciation. Single-family home price growth is steady, median family incomes are rising modestly, inventory levels are low and affordability has been declining. Knowing the mortgage rates and the qualifying incomes for down payments will help potential homeowners figure out what metro areas are affordable for them.
For the US, at the 5% down-payment threshold, the qualifying income amount for the second quarter of 2019 was $62,192. At the 10% down-payment mark, the qualifying income was $58,918, and with a 20% down-payment, the income required to qualify for a mortgage was $52,372. The West led all regions with the highest qualifying income while the Midwest had the lowest income for 5%, 10% and 20% down payments on a single-family home.
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