If you’re working in finance, or if you’re a recent graduate pursuing a career in the industry, you probably already know the importance of building personal wealth through various avenues, including purchasing a home as soon as you can afford it. A recent StorageCafe research study analyzed where in the U.S. various professions, including those working in finance, can afford to purchase a home based on both income and home prices. If you’re a financial specialist interested in becoming a homeowner, check out the top 10 U.S. metro areas to achieve such a dream:
1. New York City-Newark-Jersey City, NY-NJ-PA
The New York City metro area is one of the world’s biggest financial powerhouses, so it’s hardly surprising that financial specialists are in high demand here and make a good income. The average annual income for finance workers in the New York City metro area stands at almost $120K per year, allowing them to ascend the homeownership ladder. It takes an average of almost five years of saving 20% of their income to be able to make the down payment on a home, with an average price of almost $580K.
2. Bridgeport-Stamford-Norwalk, CT
Those who prefer a more laid-back lifestyle can forgo the likes of NYC for the Bridgeport metro area. Bridgeport boasts an average income of $110K for financial specialists including accountants, credit analysts and counselors, financial examiners and others. With an average home price in the area of about $530K, most of the employees in this sector will qualify for a mortgage but will have to save for over four years for the down payment.
3. Charlotte-Concord-Gastonia, NC
Charlotte is one of the country’s fastest-growing metro areas, with plenty of new residents and new businesses relocating here. Charlotte is a great place for finance employees — the average annual income in the sector stands at $99K, while the qualifying income for a mortgage is slightly over $58K. Of course, those on the market for a new home also need the down payment, and it will take about 3.5 years for a finance specialist in the Charlotte metro area to save the money. Once you manage to close the deal on a house and start preparing for your move, you should also consider renting a self storage unit in Charlotte. This way, you can streamline your move and keep your belongings safe until the new home is ready.
4. Raleigh-Durham-Chapel Hill, NC
Another hot spot for finance specialists is also located in North Carolina — the Raleigh-Durham-Chapel Hill metro area (also known as the Triangle), with its college-town vibe, might be an interesting choice for young graduates. The average annual income for the sector is around $95K, while the average home price is $375K. Certain categories of finance employees, such as financial risk specialists, have an income well above the average for the entire sector, which means that they’ll be able to climb the homeownership ladder even faster.
5. Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
Financial specialists who are considering the Philadelphia metro area for their next job are in luck — the average income for the sector hovers around $93K here, while average home prices stand at approximately $315K. This means that most of the finance employees in and around Philadelphia can afford to get a mortgage, and saving for the down payment will take them, on average, about 3.3 years.
6. Houston-The Woodlands-Sugar Land, TX
There are over 50K financial specialists employed in the Houston metro area. Considering Houston’s status as one of the country’s relocation hot spots for corporations such as Hewlett Packard, NRG Energy, and Axiom Space to name just a few, we can safely assume that financial specialists will continue be in demand here in the foreseeable future. Fortunately, most will be able to purchase a home here, should they want to. The qualifying income for a mortgage in the Houston metro area is a little over $48K, while the average annual income in the finance sector stands at more than $92K.
7. Providence-Warwick, RI
If you’re interested in living in a gorgeous and peaceful location on the East Coast, then the Providence metro area might be just the right choice for you. Financial specialists make an average annual income of over $91K here, and they have to save 20% of their income for about 4.5 years for the down payment on a house in Providence.
8. Chicago-Naperville-Elgin, IL
Beautiful architecture, great food, plenty of entertainment plus a flourishing financial sector — the Chicago metro area sounds like an ideal place for a young graduate interested in building a finance career, or for a seasoned professional looking for new opportunities. The average income for this profession is around $90K in the Chicago metro area, which makes owning a home feasible. The qualifying income for a mortgage here is a little over $50K.
9. Minneapolis-St. Paul-Bloomington, MN-WI
Those who want to combine a job in finance with an extra dose of Midwestern friendliness while also being able to afford a home should head to Minneapolis. Homes here go for $360K on average, while the average annual income for finance specialists is over $89K — a combination of factors that will allow most finance professionals to become homeowners.
10. Baltimore-Columbia-Towson, MD
Home prices in the Baltimore metro area stand at an average of $358K currently, so it’s likely that financial specialists such as accountants, loan officers and tax examiners can afford to own a home here. The average annual income for employees in these fields is around $89K, while the qualifying income for getting a mortgage is just shy of $62K.