Do you remember when you’d drive around high-end neighborhoods and marvel at the luxury homes with football-field-sized yards?
You’d ask yourself: “What kind of job do you have to have to afford that kind of living?”
Well, STORAGECafé just so happened to do a recent study on the subject. The self-storage search website commissioned a study and made some conclusions from the data it crunched.
In the case of the Dallas-Fort Worth market, STORAGECafé determined that — based on average home prices of around $350,000 — the area is affordable for many healthcare industry workers and information technology (IT) professionals.
Based on average home prices of around $350,000, a homebuyer needs to earn above $70K to pay a mortgage and save up for the down payment.
Healthcare workers average $105K and can scrap up enough cash for a down payment in about 40 months. IT pros earn an average of $97,000 and will need an average of 3.6 years for the down payment.
STORAGECafé also found that the highest salaries in the D-FW market are earned, as we'd all expect, by lawyers and judges, air transportation workers, and top managers in marketing, finance, and sales. They earn an average income of $120,000, which means it will take 2.5 years to save for the standard down payment.
Conversely, some professions are priced out of homeownership in D-FW. STORAGECafé lists the material moving sector with an average income of $34,684 would not make enough to save for a down payment within five years.
On the upside, the study did find that blue-collar workers can find housing affordable options in the area that includes, Scranton, Pa. That means The Office's Jim Halpert and Pam Beesly can afford a nice single-family house on Dunder-Mifflin incomes.
What is STORAGECafé? STORAGECafé is a nationwide storage space marketplace powered by Yardi.
Report review: The metros referred to in the study are the 100 largest in the US, according to 2020 population figures from the U.S. Census Bureau. For a storage space marketplace, STORAGECafé knows how to crunch the data. The report contains lots of searchable and dynamic charts and graphics. The one you need to really try is: Where Can I Afford to Buy a Home on My Salary in the US's Largest Metros? Block out plenty of time to take a deep dive into this report. 🐇🐇🐇🐇
