What salary will allow you to buy a home in Phoenix?

How much must you make to buy a home in Phoenix?

According to mortgage site HSH.com, Phoenix residents must earn at least $43,836 a year to pay off a median home price of $218,800. That is under the conditions of a 20-percent down payment and a 30-year fixed mortgage rate of 4.09 percent. It comes down to a monthly payment of $1,022.86.

The Valley ranks eighth of 27 metro areas in the United States in the lowest required salary necessary to buy a home.

HSH.com investigated what minimum salary people in different metro areas across the country must earn to pay off the “principal, interest, taxes and insurance payments on a median-priced home.”

The requirements for the Phoenix area falls below the national average of a $52,420 yearly salary needed to buy a median home price of $229,000 that costs $1,223 per month.

For the first time in HSH.com’s list, the website took a look at the requirements if a home buyer chose a 10-percent down payment versus a 20-percent down payment. For the Phoenix area, taking the 10-percent option would require a yearly salary of $51,457.

Here is the top-10 list of lowest salaries required to buy a home at the median price.

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