Prices are going up!
Raleigh home prices continue to creep up, but the salary you need to pay the mortgage has increased more dramatically.
A new study from mortgage research site HSH.com shows that to afford the median home in Raleigh, you now need to make a salary of $61,806.27 — a 9.5 percent bump from the salary you would have needed last year.
The median home price in the city, however, went up 4.42 percent over last year. It’s now $290,600, according to HSH.com. (That price includes principal, interest, property tax and homeowner’s insurance.)
What’s causing the need for more income in addition to the higher home price tag?
Higher mortgage rates and higher taxes. Mortgage rates on a 30-year fixed loan have increased from 3.97 percent last summer to around 4.66 percent this year.
Of the 50 largest metro areas that HSH.com studied, Raleigh ranks about middle of the pack in terms of affordability. The national average for salary is $61,522.46 to afford a monthly home payment of $1,435.52 — numbers that are comparable to Raleigh. Read more via newsobserver.com.