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When you're in the market for a home, saving up for a hefty down payment typically won't be enough to secure a mortgage. Lenders also expect borrowers to have a decent credit score — 90% of home buyers had a score of at least 650 in the first quarter of 2019 — and an income high enough that they are confident you'll be able to make your mortgage payments each month.
The national qualifying income needed to buy a home is $55,575 with 10% down, and $49,400 with a 20% down payment, according to data from the National Association of Realtors' Metropolitan Median Area Prices and Affordability index from the fourth quarter of 2019.
The data assumes a 3.67% mortgage rate for a 30-year fixed mortgage, and a monthly principal and interest payment limited to 25% of a resident's income.
Depending on where you live, though, the salary you need to qualify for a mortgage varies widely. These are the incomes you need to afford a home in 15 major U.S. metropolitan areas, ranked from lowest median home price to highest.
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