A home with a million-dollar price tag in the U.S. may be a purchasing reality for orthodontists, one of nine occupations with the most homebuying power, according to real estate firm Zoocasa.
With a mean annual wage of $243,620, orthodontists came in ninth place, likely able to afford a home at the maximum price of $1.08 million. This would entail an orthodontist paying a monthly mortgage of $5,684 if a 20% down payment of $216,437 was placed on the property, according to the company's home affordability report dated July 4. U.S. Bureau of Labor Statistics data and a house affordability calculator were used to determine the figures.
Dentists may not likely be able to afford a seven-figure home, but what they may be able to buy isn't that shabby, especially considering they appear to have more homebuying power than judges, aerospace engineers, and financial advisers.
With a mean annual wage of $200,870, dentists made it to the 10th spot on Zoocasa's list, likely able to afford a home at the maximum price of $892,287. If a 20% down payment of $178,457 was put down on the house, a dentist would have a monthly mortgage of $4,687, according to the company.
Other professions with median annual wages of between $423,000 and $263,000 who likely could afford homes at the below prices are as follows:
- Cardiologist, $1.8 million
- Radiologist, $1.57 million
- Surgeon, $1.54 million
- Dermatologist, $1.52 million
- Anesthesiologist, $1.5 million
- Obstetrician and gynecologist, $1.23 million
- Neurologist, $1.2 million
- Physician, $1.17 million
- Orthodontist, $1 million
In the first quarter of 2024, the median single-family home price in the U.S. was $389,400, according to the National Association of Realtors.
Though that median is 5% higher than it was in the first quarter of 2023, those with occupations like dental hygienists are still likely to buy a home. Hygienists likely can afford a home that costs about $400,000, according to Zoocasa.
Owning a single-family home may be out of reach for a large majority of workers, but property ownership may not. Individuals earning annual salaries below $80,000 may need to consider buying homes outside major cities or look into condominium townhouses, according to the company.
