Mortgage rate: 4.03 percent
- Quarterly change: -0.06 percent
Home price: $221,000
- Quarterly change: +1.01 percent
- YOY change: +10.33 percent
Monthly payment: $1,025.21
- Quarterly change: +$100.95
The Phoenix metro is only one of two metro areas on our list to see a salary increase in the fourth quarter. Quarterly price growth prompted the required salary to increase by just $101. But the required salary figure would increase by $7,664 if you were to put 10 percent down as opposed to 20 percent.
- Mortgage rates fell in every one of our metros during the fourth quarter
- Quarterly home prices fell in every metro but five, while home prices were up year-over-year in every metro but three
- The Orlando metro area had the largest year-over-year price gain at 13.89 percent (Denver came in at a close second at 12.29 percent)
- When putting 10 percent down instead of 20 percent, the required salary figures for our metro areas increased anywhere from $4,200 to $31,000
See all the of the 27 largest metros salary needed here.
Info courtesy of : Tim Manni at HSH.com