Monday, November 28, 2005

Can you afford to buy a home in Boston?

Homeownership Market

The median price of a home in Boston 2005.........$355,000.00

Annual Income Needed- $112,581

Can the Middle class afford to live in Boston?

Elem School Teacher annual income: $50,033.00

Police Officer: $48,419

Nurse (LPN): $40,330

Retail Salesperson: $26,041

Janitor: $25,120

Data on the median price home is obtained from the National Association of Home Builders Housing Opportunity Index for the first quarter of 2005. The annual income needed to qualify for a mortgage was calculated using average prevailing interest rates, assuming a 10% downpayment and the use of private mortgage insurance and includes principal, interest, taxes and insurance.

The wage data was determined as of Feb 2005 and were obtained from a proprietary database of salary information by geographic location by www.salary.com

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