Here’s How Much You Have To Earn To Buy A Home In 18 Major US Markets
Mortgage website HSH.com looked at median home prices from the National Association of Realtors. It took into account interest rates for common 30-year fixed-rate mortgages and property taxes and insurance costs to figure out how much money it would take to pay a median-priced home’s mortgage, taxes, and insurance in each city, and how much you’d have to earn to afford it.
HSH.com emphasizes that this is only the base cost of owning a home, without taking into account maintenance and other incidentals.
The site also calculated how it would change the salary needed to buy a home if a buyer were to put 10% down instead of the recommended 20%. No matter where you are, putting down less makes things more expensive — you can visit HSH.com to see both numbers.
Salaries are listed from lowest to highest needed and are rounded to the nearest $500.
18. Orlando
Homes in this Orlando, Florida, neighborhood are listed for about $230,000.Google Maps
Population: 255,483
Median home price: $229,900
Monthly mortgage payment: $1,162
Salary needed to buy: $50,000
17. Minneapolis
Homes in this Minneapolis, Minnesota, neighborhood are listed for about $240,000.Google Maps
Population: 407,207
Median home price: $240,300
Monthly mortgage payment: $1,181
Salary needed to buy: $50,500
16. Houston
Homes in this Houston, Texas, neighborhood are listed for about $217,000.Google Maps
Population: 2,076,189
Median home price: $217,400
Monthly mortgage payment: $1,203
Salary needed to buy: $51,500
15. Philadelphia
Homes in this Philadelphia, Pennsylvania, neighborhood are listed for about $230,000.Google Maps
Population: 1,517,628
Median home price: $234,800
Monthly mortgage payment: $1,239
Salary needed to buy: $53,000
14. Dallas
Homes in this Dallas, Texas, neighborhood are listed for about $232,200.Google Maps
Population: 2,518,638
Median home price: $230,500
Monthly mortgage payment: $1,255
Salary needed to buy: $54,000
13. Baltimore
Homes in this Baltimore, Maryland, neighborhood are listed for about $265,000.Google Maps
Population: 640,064
Median home price: $264,300
Monthly mortgage payment: $1,305
Salary needed to buy: $56,000
12. Chicago
Homes in this Chicago, Illinois, neighborhood are listed for about $246,400.Google Maps
Population: 2,824,584
Median home price: $244,100
Monthly mortgage payment: $1,430
Salary needed to buy: $61,000
11. Sacramento
Homes in this Sacramento, California, neighborhood are listed for about $330,000.Google Maps
Population: 479,686
Median home price: $327,000
Monthly mortgage payment: $1,510
Salary needed to buy: $64,500
10. Miami
Homes in this Miami, Florida, neighborhood are listed for about $310,000.Google Maps
Population: 417,650
Median home price: $315,000
Monthly mortgage payment: $1,513
Salary needed to buy: $65,000
9. Portland
Homes in this Portland, Oregon, neighborhood are listed for about $356,700.Google Maps
Population: 609,456
Median home price: $358,500
Monthly mortgage payment $1,628
Salary needed to buy: $70,000
8. Denver
Homes in this Denver, Colorado, neighborhood are listed for about $385,000.Google Maps
Population: 649,495
Median home price: $386,800
Monthly mortgage payment: $1,650
Salary needed to buy: $70,500
7. Washington, DC
Homes in this Washington, DC, neighborhood are listed for about $395,000.Google Maps
Population: 582,049
Median home price: $393,500
Monthly mortgage payment: $1,830
Salary needed to buy: $78,500
6. Seattle
Homes in this Seattle, Washington, neighborhood are listed for about $420,500.Google Maps
Population: 652,405
Median home price: $422,100
Monthly mortgage payment: $1,908
Salary needed to buy: $82,000
5. New York City
Homes in this New York, New York, neighborhood are listed for about $395,000.Google Maps
Population: 8,213,839
Median home price: $397,600
Monthly mortgage payment: $1,994
Salary needed to buy: $85,500
4. Boston
Homes in this Boston, Massachusetts, neighborhood are listed for about $435,000.Google Maps
Population: 645,966
Median home price: $435,300
Monthly mortgage payment: $2,007
Salary needed to buy: $86,000
3. Los Angeles
Homes in this Los Angeles, California, neighborhood are listed for about $536,000.Google Maps
Population: 3,794,640
Median home price: $536,700
Monthly mortgage payment: $2,336
Salary needed to buy: $100,000
2. San Diego
Homes in this San Diego, California, neighborhood are listed for about $589,900.Google Maps
Population: 1,284,347
Median home price: $589,300
Monthly mortgage payment: $2,535
Salary needed to buy: $108,500
1. San Francisco
Homes in this San Francisco, California, neighborhood are listed for about $835,000.Google Maps
Population: 777,660
Median home price: $835,400
Monthly mortgage payment: $3,550
Salary needed to buy: $152,000
via BI
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