Did Major League Baseball players who switched teams this off-season come out winners or losers in their new housing markets? We crunched the numbers to see how 10 notable players will fare with housing costs and mortgage rates in their new cities.
To compare, we used the home prices from the National Association of Realtors fourth quarter 2010 survey (except Detroit, which comes from Realcomp) and the average mortgage rate in the fourth quarter of 2010, as surveyed by HSH.com. Median income for the cities was gathered from the U.S. Census. (Images from AP Photos)
Who hit a home run in their new market? Read on...
1. Player: Manny Ramirez
Old team: Chicago White Sox
Median salary in Chicago: $66,806
Median home price: $183,400
Average mortgage rate: 4.67%
New Team: Tampa Bay Rays
Manny’s annual salary in Tampa: $2 million
Median salary in Tampa: $53,509
Median home price: $131,600
Average mortgage rate: 4.5%
With his 2011 salary of $2 million, Manny could buy 15 median priced homes in Tampa
Winner: In Tampa, Ramirez will pay $51,800 less for a home and his interest rate will be 0.17% lower.
Slideshow: Which MLB player scores in their new housing market?
2. Player: Johnny Damon
Old team: Detroit Tigers
Median salary in Detroit: $56,681
Median home price: $66,300
Average mortgage rate: 4.59%
New Team: Tampa Bay Rays
Johnny’s annual salary in Tampa: $5.25 million
Median salary in Tampa: $56,681
Median home price: $131,600
Average mortgage rate: 4.5%
With his 2011 salary of $5.25 million, Johnny could buy 40 median priced homes in Tampa
Loser: In Tampa, Damon will pay $65,300 more for a home, but his interest rate will be 0.09% lower.
3. Player: Jayson Werth
Old team: Philadelphia Phillies
Median salary in Philadelphia: $62,185
Median home price: $215,500
Average mortgage rate: 4.51%
New Team: Washington Nationals
Jayson’s annual salary in Washington: $18 million
Median salary in Washington, D.C.: $71,208
Median home price: $331,100
Average mortgage rate: 4.55%
With his 2011 salary of $18 million, Jayson could buy 54 median priced homes in Washington
Loser: In Washington, Werth will pay $115,600 more for a home and his interest rate will be 0.04% higher.
4. Player: Carl Crawford
Old team: Tampa Bay Rays
Median salary in Tampa: $53,509
Median home price: $131,600
Average mortgage rate: 4.5%
New Team: Boston Red Sox
Carl’s annual salary in Boston: $20 million
Median salary in Boston: $81,033
Median home price: $346,300
Average mortgage rate: 4.63%
With his 2011 salary of $20 million, Carl could buy 58 median priced homes in Boston
Loser: In Boston, Crawford will pay $214,700 more for a home and his interest rate will be 0.13% higher.
5. Player: Adrian Gonzalez
Old team: San Diego Padres
Median salary in San Diego: $67,038
Median home price: $381,400
Average mortgage rate: 4.63%
New Team: Boston Red Sox
Adrian’s annual salary in Boston: $22 million
Median salary in Boston: $81,033
Median home price: $346,300
Average mortgage rate: 4.63%
With his 2011 salary of $22 million, Adrian could buy 64 median priced homes in Boston
Winner: In Boston, Gonzalez will pay $35,100 less for a home and his interest rate will be stay the same.
6. Player: Adam Dunn
Old team: Washington Nationals
Median salary in Washington, D.C.: $71,208
Median home price: $331,100
Average mortgage rate: 4.55%
New Team: Chicago White Sox
Adam’s annual salary in Chicago: $14 million
Median salary in Chicago: $66,806
Median home price: $183,400
Average mortgage rate: 4.67%
With his 2011 salary of $14 million, Adam could buy 76 median priced homes in Chicago
Winner: In Chicago, Dunn will pay $147,700 less for a home, but his interest rate will be 0.12% higher.
7. Player: Cliff Lee
Old team: Texas Rangers
Median salary in Dallas: $56,607
Median home price: $138,300
Average mortgage rate: 4.54%
New Team: Philadelphia Phillies
Cliff’s annual salary in Philadelphia: $24 million
Median salary in Philadelphia: $62,185
Median home price: $215,500
Average mortgage rate: 4.51%
With his 2011 salary of $24 million, Cliff could buy 111 median priced homes in Philadelphia
No decision: In Philadelphia, Lee will pay $77,200 more for a home, but his interest rate will be 0.03% lower.
8. Player: Dan Uggla
Old team: Florida Marlins
Median salary in Miami: $53,509
Median home price: $187,300
Average mortgage rate: 4.62%
New Team: Atlanta Braves
Dan’s annual salary in Atlanta: $12.4 million
Median salary in Atlanta: $56,176
Median home price: $109,200
Average mortgage rate: 4.54%
With his 2011 salary of $12.4 million, Dan could buy 114 median priced homes in Atlanta
Winner: In Atlanta, Uggla will pay $78,100 less for a home and his interest rate will be 0.08% lower.
9. Player: Victor Martinez
Old team: Boston Red Sox
Median salary in Boston: $81,033
Median home price: $346,300
Average mortgage rate: 4.63%
New Team: Detroit Tigers
Victor’s annual salary in Detroit: $12.5 million
Median salary in Detroit: $56,681
Median home price: $66,300
Average mortgage rate: 4.59%
With his 2011 salary of $12.5 million, Victor could buy 189 median priced homes in Detroit
Winner: In Detroit, Martinez will pay $280,000 less for a home and his interest rate will be 0.04% lower.
