Nurses are among the noblest professions in the world. They are entrusted with a very delicate job of taking good care of every patient, making sure that they receive the right medical attention they need. It is a tiring job, and most of the time they are underpaid with the amount of time and services they provide. In addition, there aren’t that much of job opportunities for them in key cities, which is the reason they are moving from city to city. Finding a place to rent is another problem for them. When the time comes they want to settle down, they look for the best place for nurses to purchase a property. Which city in the country could that be?
Kathleen Howley of Housing Wire actually has the answer, and that city is no other than the Charm City of Baltimore. Read more below to know more about this study conducted by one of the leading real estate firms in the country.
Baltimore is the Best City for a Nurse to Buy a Home, PropertyShark Says
Photo Courtesy of Housing Wire
Baltimore, Maryland, is the best place for nurses to live if they want to buy homes, according to a report from PropertyShark that compares salaries and home prices in cities it designated as medical hubs.
It takes 1.7 times the median annual wage for nurses to purchase a median-priced home in Baltimore, the state’s largest city, according to the report. No. 2 is Philadelphia, where it takes 1.8 times the median wage of nurses to buy a median-priced home. Pittsburg, Pennsylvania, was No. 3 at 2.1, St. Louis, Missouri, was No. 4 at 2.3, and Chicago was No. 5 at 3 times annual wages.
“We get a picture of growing affordability struggles in most top medical hubs, even for an industry that pays above the national median,” the report said.
Nursing, already one of the most common U.S. professions, is expected to expand 15% through 2026, adding almost 440,000 new jobs nationally, according to an estimate from the Bureau of Labor Statistics. Currently, about 1 in 53 Americans is a nurse, according to PropertyShark.
The worse city for a nurse to buy a home is San Francisco, where it takes 10 times the median annual salary.
“The epitome of sizzling hot West Coast real estate markets, San Francisco is in a category of its own,” the report said. “Nursing wages registered a 36% increase since the recession, clocking in at $132,430 in 2018 – the highest in all of the markets we analyzed. However, that wage growth was accompanied by the meteoric rise of home values.” See full post here…
If Baltimore is the best place for nurses to buy a house, San Francisco is the exact opposite of it. This is the worst city for a nurse to buy a home where basically it takes 10 times the median annual salary that only takes 1.7 times the median annual salary in Baltimore. As a matter of fact, apart from nurses, buying a house in San Francisco and the Bay area is not for the faint of heart regardless of the profession.
Catey Hill of Market Watch wrote an article about the best cities especially for first-time home buyers regardless of profession. More information below.
The 10 Best Cities for First-Time Home Buyers
San Francisco is most definitely not on this real estate list
Image Source: Getty Images
Buying a home in the Bay Area is not for the faint of heart.
Just ask John Mullenholz, who recently bought a home in San Francisco with his wife, Lauren. Mullenholz — who, as the founder and CEO of cyber security firm Pikotime, is no stranger to big projects — calls the process “one of the biggest projects I’ve tackled in my life, bar none.”
“Not long after you arrive at an open house with dozens of couples walking around what might turn out to be our future home, your realtor convinces you that submitting a blind bid with zero contingencies at 20% above asking price is the only way to get this house,” he says. “It makes sense at the time, and yet you also can’t help but feel like you might be going insane — and that you might be surrounded by insane people who are doing exactly the same thing as you.”
Buying a home in the Bay Area is not for the faint of heart.
Just ask John Mullenholz, who recently bought a home in San Francisco with his wife, Lauren. Mullenholz — who, as the founder and CEO of cyber security firm Pikotime, is no stranger to big projects — calls the process “one of the biggest projects I’ve tackled in my life, bar none.”
“Not long after you arrive at an open house with dozens of couples walking around what might turn out to be our future home, your realtor convinces you that submitting a blind bid with zero contingencies at 20% above asking price is the only way to get this house,” he says. “It makes sense at the time, and yet you also can’t help but feel like you might be going insane — and that you might be surrounded by insane people who are doing exactly the same thing as you.”
Though the home-buying process wasn’t easy — the couple looked at “at least 50” homes, bid on two and calls the entire process “so competitive” and “incredibly nerve-racking” — the Mullenholzs did end up with a house they love with views of the water, though he jokes that “it’s really small and very overpriced.” Learn more here…
As mentioned earlier, cities like San Francisco are too expensive for first-time home buyers as well as nurses and other professions. As a matter of fact, buying a home in the Bay Area is not for the faint of heart. Especially for nurses where a lot of them are underpaid, it would be very difficult for them to own a house in the city.
Nurses are also looking for house mortgage they can afford that is hassle-free and flexible. Read the article below to learn more from Specialist Mortgage Online.
Are you struggling to find a mortgage as a nurse, or do you find yourself being turned down for a home loan application?
We know it can be hard, which is why our advisers offer help to nurses in buying a house, where they otherwise might have been turned down by the high street lenders.
We do this by working with a panel of highly experienced mortgage advisors who specialise in many areas of complex mortgage advice relating to specialist careers.
Within our adviser panel we have specialists who understand the difficulties that nurses can experience when applying for a mortgage. This difficulty is typically due to pay, deposit amounts, and variable work contracts.
Whether you are working as a nurse privately, work within the NHS, are a student nurse, bank nurse, agency nurse, or newly qualified nurse, you can contact us now for a no-obligation discussion on how our advisers might be able to help you.
Why do nurses struggle to find suitable mortgages?
There are multiple reasons why your mortgage application might be turned down.
Most of the time, the reason nurses need help in buying a home is due to a lack of understanding or flexibility by the traditional high street mortgage lenders in how to handle the application.
As a nurse, your main income might seem straight forward. It will either involve you being employed privately or by your local NHS trust who provide you with a salary.
In theory, this should make a mortgage application simple enough, but other factors come into play which can then affect your basic salary, even if you are employed full-time.
And this is where traditional lenders tend to stumble, as they don’t always have the flexibility or staff expertise to offer a home loan based on the variables involved in a nurse salary, including proof of earnings. Click here to read the rest of this post…
Most of the time nurses are struggling to find a mortgage for several reasons. Most of the time, they seek the help of expert advisers in buying a house. There are also those who lack the understanding or the flexibility of how mortgaging works. Either way, nurses are finding the best locations for them to buy a property and hope to settle down, and Baltimore is the best place to buy a house.
If you’re a nurse and you’re looking for affordable home deals in Baltimore, Dependable Homebuyers can help you find the best home deals in Baltimore area. To learn more, visit https://www.dependablehomebuyers.com/maryland/baltimore/ to get started.
