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Share Name | Share Symbol | Market | Type |
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QuinStreet Inc | NASDAQ:QNST | NASDAQ | Common Stock |
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0.00 | 0.00% | 17.03 | 14.00 | 17.94 | 0 | 09:09:44 |
FOSTER CITY, Calif., Feb. 26, 2020 /PRNewswire/ -- HSH.com announces today its latest analysis of the salary required to buy a median-priced home in the 50 top metropolitan areas. A premiere consumer destination for mortgage information and rate shopping since 1979, HSH offers a wealth of free tools and expertise for homeowners and homebuyers.
The newly-updated report uses the latest quarterly home price data from the National Association of Realtors (NAR), incorporates local property tax and homeowner's insurance costs, and calculates the income needed to qualify for a median-priced home in each market. The latest research will help potential homebuyers evaluate whether or not they can afford to buy a home in their market.
For the fourth quarter of 2019, the latest research reveals affordability in most metro areas improved a bit again as compared to the fourth quarter of 2018, as lower mortgage rates served as a powerful offset to again-surging home prices.
Compared to the same period last year and due solely to lower mortgage rates in the quarter, the income needed to purchase a median-priced home decreased in 49 of the 50 major metropolitan areas HSH reviewed. The Philadelphia metro area was the only outlier, posting a small increase. On a quarter-to-quarter basis, typically lower home prices in the fourth quarter compared to the third saw a majority of markets require lower incomes needed to purchase a median-priced home.
The most and least affordable metro areas in the salary analysis (assuming a 20% downpayment):
Most affordable metropolitan area | Required salary per year to afford a median- |
1. Pittsburgh | $36,581.61 |
2. Oklahoma City | $37,831.74 |
3. Cleveland | $39,146.04 |
Least affordable metropolitan areas | Required salary per year to afford a median- |
1. San Jose | $227,232.05 |
2. San Francisco | $184,742.64 |
3. San Diego | $122,695.23 |
Salary calculations using a 10% downpayment and including PMI are also provided for each area. |
Main takeaways from the updated research:
Despite relative improvements in affordability, potential homebuyers of more modest means looking to buy homes often struggle to come up with a downpayment and closing costs, especially in heated markets. Help making the jump to homeownership is often available but it is tricky to find if you don't know where to look. To help potential homebuyers, HSH offers its database of Homebuyer Assistance Programs by state, where information about these valuable programs, vital website addresses, contact info and more can be found.
Find the lists here for the 25 most expensive and 25 least expensive metropolitan areas with display maps for each list. You can also read the full article, The Salary You Must Earn to Buy a Home in the 50 Largest Metros.
About HSH.com
HSH.com is owned and operated by QuinStreet, Inc. (Nasdaq: QNST), a pioneer in delivering online marketplace solutions to match searchers with brands in digital media. QuinStreet is committed to providing consumers and businesses with the information and tools they need to research, find and select the products and brands that meet their needs. HSH.com is a member of the company's expert research and publishing division.
HSH.com empowers homebuyers and homeowners to fully understand their home financing choices and provides opportunities for them to engage with partners to execute their transactions. Since 1979, HSH has guided consumers seeking independent, objective and expert-level information, forecasts and data. HSH offers unique analysis, calculators, tools and content to demystify first mortgages, home equity loans and lines of credit, reverse mortgages and more. Keith Gumbinger, mortgage expert and vice president of HSH.com, is available for interviews on request.
Website: https://www.hsh.com
Twitter: @HSHassociates
Facebook: https://www.facebook.com/HSHassociates/
Media Contact
Amy Eury
aeury@quinstreet.com
412-532-9352
OR
Liberty Communications for QuinStreet
Rick Judge, 415-429-5652
QuinStreet@libertycomms.com
View original content:http://www.prnewswire.com/news-releases/new-hshcom-report-finds-housing-affordability-improving-in-most-metro-areas-301011531.html
SOURCE HSH.com
Copyright 2020 PR Newswire
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