The cost of owning a home in New York City has risen 4% in the past year.
While that may seem like bad news, Senior Economist Grant Long of StreetEasy says it's actually "encouraging news for folks looking to buy a home."
Grant said NYC remains one of the most expensive housing markets in the country, but prices in other metropolitan areas like San Francisco, San Jose, Los Angles, Boston and Seattle have risen at a higher rate.
In NYC the average median single-family house price was estimated at $410,500, which places the NYC housing market in 7th place according to the mortgage website HSN. The price of a median single-family home in San Jose averages $1.4 million dollars earning the area the top spot in the housing market price game.
The HSN study says New Yorkers should earn a minimum of $103,000 per year in order to afford a median-priced home, while those looking to live in San Jose should make a minimum of $275,000 per year. The study ranked each city's housing market costs by tallying home price data, homeowner insurance costs, local property taxes, and earned income needed to cover a mortgage.
The New York Daily News listed Pittsburgh PA as the least expensive metropolitan area to own a home in with a yearly salary of just $38,000 per year getting you into a home.
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