There Are Properties To Buy Everywhere . . . If you have the income, Here's How Much

[Ken M.]

Average income needed, to qualify for a standard loan from a standard lender, if no credit issues. Now, include closing costs, loan origination, accessories for the home, a new lawnmower and garden trolls.

Once you’ve bought the house, how do you rent that out, pay expenses and make a buck?

What’s the point of these numbers ? . . . Houses are greatly over inflated –what goes up must go down, eventually – and it is coming.

Metro Area	Salary Needed	Median Home Price	Monthly Payment
San Jose	$501,760	$2,020,000	$11,708
San Francisco	$338,427	$1,320,000	$7,897
San Diego	$257,190	$1,036,500	$6,001
Los Angeles	$218,483	$862,600	$5,098
New York City	$202,150	$725,300	$4,717
Seattle	$198,233	$772,900	$4,625
Boston	$194,593	$734,000	$4,541
Washington, D.C.	$166,814	$630,900	$3,892
Miami	$165,818	$643,900	$3,869
Denver	$161,935	$647,800	$3,778
Riverside/San Bernardino	$155,109	$609,200	$3,619
Portland	$151,963	$591,200	$3,546
Sacramento	$144,791	$550,000	$3,378
Salt Lake City	$138,012	$556,500	$3,220
Austin	$136,845	$465,100	$3,193
Providence	$135,721	$492,700	$3,167
Phoenix	$119,546	$487,900	$2,789
Las Vegas	$119,242	$486,400	$2,782
Orlando	$117,731	$445,000	$2,747
Hartford	$113,491	$378,300	$2,648
Raleigh	$113,466	$443,900	$2,648
Dallas	$113,069	$377,900	$2,638
Richmond	$112,951	$446,300	$2,636
Chicago	$110,038	$371,500	$2,568
National	$108,486	$402,300	$2,531
Baltimore	$106,969	$393,000	$2,496
Tampa	$106,903	$400,000	$2,494
Minneapolis	$106,442	$388,100	$2,484
Nashville	$105,831	$417,600	$2,469
Milwaukee	$105,477	$388,100	$2,461
Philadelphia	$105,118	$363,000	$2,453
Jacksonville	$104,718	$390,000	$2,443
Charlotte	$104,324	$411,200	$2,434
Houston	$100,142	$337,400	$2,337
Atlanta	$98,232	$369,400	$2,292
Virginia Beach	$92,269	$350,200	$2,153
San Antonio	$90,393	$300,000	$2,109
Columbus	$89,131	$321,800	$2,080
Kansas City	$88,913	$328,700	$2,075
Indianapolis	$81,918	$316,200	$1,911
Birmingham	$80,084	$312,800	$1,869
Cincinnati	$79,540	$293,900	$1,856
New Orleans	$78,572	$291,000	$1,833
Buffalo	$76,156	$245,900	$1,777
Louisville	$73,844	$278,100	$1,723
St Louis	$73,581	$262,100	$1,717
Memphis	$73,302	$276,100	$1,710
Oklahoma City	$73,052	$258,800	$1,705
Detroit	$72,296	$254,200	$1,687
Pittsburgh	$64,071	$225,400	$1,495
Cleveland	$63,611	$213,200	$1,484

https://www.visualcapitalist.com/mapped-the-salary-needed-to...

So, I’m recommending that if you can’t get more rent than expenses, move on to the next opportunity. A LOT of opportunity is coming as the market declines. Now, if your market already supports existing rents, that’s great, do it. But what if your's doesn’t?

Don’t make the mistake of thinking it’s guaranteed that properties must appreciate.

In this market, we are buying at 85% of current MLS value, (we expect values to drop) with 10% down and under 4% interest rate without lender costs and we just bought 3 that way, It works.

What makes it successful is that we have money to work with & can make quick decisions. Yes, it takes money and we spend all day finding these. Did you notice it takes money? You can’t do this, legally, safely if you are broke. Forget the guru stuff. That’ll only get you into trouble. This technique is real world, designed for high income earners only.