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IT professionals are some of the best-paid professionals in the U.S. However, their dollar stretches differently when it comes to buying a home, depending on how well local incomes can compensate for the increasing home prices of today’s real estate market. To investigate how well each city responds to prospective homebuyers, StorageCafe researched the most trending professions by metro areas and ranked them according to their ability to afford a home. Local incomes, home prices, and the time it takes to save for a down payment are some of the metrics used to determine the final determination. Self-storage was also added into the mix as it’s a commonly used service when moving into a new home.
According to the report’s findings, most professions can afford to buy a home in a region where the Midwest meets the Northeast, with Ohio metro areas dominating the list. On the flip side, Californian metropolises are the least affordable for most occupations.
West Coast claims 4 metros with high-earning IT professionals
Despite CA shaping up as the least affordable for most professions, it’s still where the main tech hubs of the country tend to be concentrated. That means that IT professionals here stand the best chance of making maximum earnings in the field. The San Jose metro comes out on top for IT workers, paying out the fattest checks ($152K/year). Despite this high income, however, it takes these professionals close to a decade to save for a down payment here thanks to home prices being among the highest in the country ($1.5M).
San Francisco comes second, with computer professionals bringing home close to $140K/year. Displaying similarities with San Jose in terms of labor and real estate markets, San Francisco’s IT professionals need to wait approx. the same time as those in San Jose to put down enough cash for a down payment – homes average a whopping $1.4M here.
Moving a little further north, Seattle is an attractive market for IT professionals, who can make around $128K/year. The housing market is quite competitive here too, with homes costing, on average, $728K. However, IT professionals can save up enough money for a down payment in about 5.6 years, slashing the savings time in half compared to many of their Californian counterparts. To help when transitioning into the new home, renting a self storage unit in Seattle, WA, costs $208/month.IT professionals are some of the best-paid professionals in the U.S. However, their dollar stretches differently when it comes to buying a home, depending on how well local incomes can compensate for the increasing home prices of today’s real estate market.Click To Tweet
As a vibrant metro area, Washington D.C. offers IT professionals the chance to earn a hefty annual income ($118K). That makes even the pricy average homes here $530K within the reach of this professional category as they can save enough to buy one within 4.5 years.
The bustling New York metropolitan area might be the financial center of the U.S., but it’s also a fertile ground for IT workers – they can bring home $115K in this field. With home prices registering around $578K, it takes this occupational category five years to afford a home, based on the time needed to save for a down payment. That’s just as long as long as it takes Seattle IT workers to make similar savings.
Still in the Northeast, Boston also crops up among the places where computer professionals can make a pretty penny, with average earnings of around $114K/year. Since the housing market is very competitive here, homes are even pricier than in NY or Washington D.C., averaging $618K. Therefore, it takes IT workers around 5.4 years to save enough for a down payment in Boston.
Living in Baltimore as an IT professional can earn you just as much as in Boston, but it comes with a huge perk: average house prices are almost half ($358K) those in the City on a Hill. That puts the period needed to save for a down payment within a three-year timeframe, the shortest time required among the 10 highest-paying metros for these professionals in the country.
Back to the West Coast, San Diego emerges as an excellent place to earn more as an IT employee. Annual earnings can reach $110K for this professional group. With homes averaging close to $840K, it takes workers in computer occupations around 7.6 years to save enough cash for a down payment.
Wrapping up the top 10 best places for high-earning computer-based occupations, Durham-Chapel Hill, North Carolina, is a great metro area for IT professionals as they can make over $100K annually. What’s more, it costs considerably less to buy a home here – $375K on average. That puts local IT employees in a great position if homeownership is on their to-do list. It takes only 3.5 years to save up for a down payment if you’re in this employment category.