CHARLOTTE — Dozens of communities across the Charlotte region require that buyers earn six figures to afford the median-priced home. Thirty-three local ZIP codes, to be exact, take a minimum annual income of $100,000 to cover such a mortgage payment.
Those findings come from a recent analysis by The Business Journals using Zillow and Rocket Mortgage data. The required minimum annual income and monthly mortgage payments were calculated assuming a 10% down payment, 7.37% interest rate and 30% income-to-debt ratio. More on the methodology is provided at the bottom of this article.
It should come as no surprise that Charlotte’s wealthiest ZIP code — 28207 — requires the highest minimum household income in the region: $342,594 to afford a yearly mortgage payment of $102,778. The median home value in 28207, which includes upscale neighborhoods such as Eastover and Myers Park, was $1.37 million as of Aug. 31.
But more than half of the ZIP codes only affordable to that income level are scattered throughout suburban communities surrounding Charlotte.
Check out the full list on CBJ’s website here.
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