Sure, it’s Affordable to Live in Sioux Falls, But it’s No Cleveland
Thanks to the oil boom in northwest North Dakota, last week it came out that the highest rent prices in the country are in Williston, where an average 700-square-foot, one-bedroom apartment is now renting for around $2,400.00 a month. Yikes!
I know many of us here in Sioux Falls, like to bitch and complain about the cost of housing here. But it's really not that bad, all things considered. According to Trulia, the average 3-bedroom home here in Sioux Falls is selling for around $178,632. As you'll see, that falls right in line with some of the more affordable places to live throughout the country.
Recently a mortgage company has figured out the minimum salary a person would need to buy an "average" house in 25 major cities.
If you want to live like a king in a nice home, but you make very little dough, time to pack up the moving van and head to Cleveland, Ohio. The only problem, you'd be living in Cleveland.
Check this out, the average home price right now in Cleveland id $112,800. That would put your monthly mortgage at $454.00. Meaning you could buy that home on a $19,435-a-year-salary.
Not crazy about the combination of cold weather and the city of Cleveland? Try Tampa, Florida then.
The average home price in Tampa is around $142,400. With the average monthly mortgage around that $575.00 range. To comfortably afford that, you'd need an annual salary of $24,651.
Believe it or not, Chicago is surprisingly inexpensive as well. The average home in the windy city runs around $187,100, with the average monthly mortgage in the neighborhood of $756.00. Not a bad neighborhood to live in, considering you'd only need a minimum salary of $32,389.
If you want a fairly inexpensive mortgage payment each month, one place you definitely do not want to live, is in San Francisco, California.
Sure the weather is nice, the scenery is beautiful, but the cost of an average home is outrageous!
The typical home in the city by the bay is $682,410! Making your mortgage payment $2,695. You'll need to make some serious jack to live in San Fran. The minimum annual salary you'd need to support a home like that is $115,510.
All of a sudden Sioux Falls doesn't sound so bad does it? Sure, it's cold seemingly 7 months a year. But it sure beats a $2,695 mortgage payment for an "average" home!
Source: Business Insider