CNN just came out with a chart on how much one needs to make to be able to afford a home in 27 cities and New York was surprisingly not in the top 3 as far as being the most expensive. San Francisco, San Diego and Los Angeles tops the list so those thinking of moving to the West Coast might have to reconsider. To be able to own in those cities, one would have to be making six figures while New York City was a bit under that number.
The above home prices probably would be considered affordable based on the local real estate sales records which makes living in some of the major big cities quite a challenge. New Yorkers who earn around $85K a year should be paying no more than $1,995 a month for a mortgage which might be a good or bad thing depending on the size of the residential unit. Those making under $50K might want to look at the rest of the list of the major cities in the states to compare: LINK