This Is How Much You Need To Make To Buy A Home In New Jersey

How much money do you have to make to purchase a home in New Jersey? It varies widely, depending on what part of the state.

In fact, residents in the northern part of New Jersey need to make almost $50,000 more a year to afford a home than those residing in South Jersey, according to the website HSH.com, which tracks mortgage rates.

In North Jersey, part of the New York City metro area, residents need to make nearly $100,000 to buy a home for a median sale price of $419,100.

But in South Jersey, which is part of the Philadelphia metro area, residents need to make at least $56,194.50 to buy a home for the area's median sale price of $238,900, according to HSH.com.

The New York City metro area is the 5th most-expensive in the country. The Philadelphia metro area is the 24th most-expensive metro area in the country.

The country's most-expensive metro area is San Jose, California where the median sale price is $1.165 million. You need to make at least $216,181.25 a year to be able to afford a home there.

In fact, the top four most-expensive metro areas were all in California. San Francisco was second, with a median home price of $900,000. In San Diego you need to make $116,119.96 to afford a home at the median sale price of $607,000. Los Angeles was the fourth most-expensive metro area, with median prices at $595,100.

In the Northeast, in addition to New York City and Philadelphia, Boston, Providence and Hartford are among the nation's most expensive metro areas. Baltimore and Washington D.C. were also included.

The most affordable metro area to buy a home?

That would be the Pittsburgh area, with a median home price of $146,000, well below the national average of $254,000, and a salary requirement of $35,205.49.

The national average required salary is $55,390.57.

Read HSH's full real estate report here.

(Lead image via Pixabay)