Here is what you need to earn to buy the median priced home in Chapel Hill, Cary, Durham, Raleigh, and Pittsboro,NC

CNBC just analyzed the housing markets in 15 cities to determine what you need to earn in order to be able to afford the median home. I think it is fascinating to look at the range of home affordability across the country, so I’ve taken this one step further and looked at Median Home Affordability in Chapel Hill, Cary, Durham, Raleigh, and Pittsboro. I used the same assumptions in this article – that the borrower was able to put 20% down and had no other debt. I’ve used actual property tax rates for each of these local communities, estimated homeowner’s insurance conservatively, and just to be real, used a hypothetical $100 per month HOA fee. In addition, I calculated the required income at a 45% debt ratio to be conservative, when 50% is the actual hard and fast cut-off. And I realize many people will prefer to carry less than a 45% debt load.

I pulled the Median Home Value for each community from Zillow, and since I noted that the Median Home Listed For Sale is considerably more expensive than the Median Home in each community, I crunched the numbers for both values. After all, you can’t buy a home if it isn’t for sale!

Here is my chart for our area, based on 30 year fixed rates which were available on March 1, 2018 for a well qualified borrower.

And here is the article from CNBC:

https://www.cnbc.com/2018/03/01/heres-what-you-need-to-earn-to-buy-a-home-in-these-big-cities.html

Here is what you need to earn to buy the median priced home in Chapel Hill, Cary, Durham, Raleigh, and Pittsboro,NC

Don’t apply for any new credit until after we have closed your loan, and don’t make any unusual charges on your existing credit. Your loan is being underwritten per your current financial status.
Photographs of documents are NOT acceptable. Originals, scans and faxes are acceptable.
Bank statements must contain your name, your account number, and 30 days of complete activity. We need ALL NUMBERED PAGES of banks statements. Even if any numbered pages are blank.
Please provide your closing attorney information asap so that we can order your title work.
Please provide your homeowner’s insurance agent’s contact info asap so that we can request your insurance documentation and submit it for approval.
Once you have signed your loan application, we will send you a request to pay for your appraisal fee with a credit card.
Please directly contact your closing attorney to obtain wiring instructions for your closing funds – you MUST do this yourself for your own security. No one on my team and no one from Corporate Investors Mortgage Group, Inc. will ever send you wire instructions. If you receive an email from anyone at Corporate Investors Mortgage Group, Inc. providing you with wire instructions, do NOT wire your funds with those instructions and notify me immediately.

Important Reminders About The Mortgage Process