Here’s How Much You Have To Earn To Buy A Home in These 27 Metro Markets

Here’s How Much You Have To Earn To Buy A Home in These 27 Metro Markets

The median price of a house in 27 major metro areas in the U.S. is $222,700. In order to afford such a house with a 20 percent down payment in the fourth quarter of 2015, a family would need to earn at least $51,114, according to a new analysis by mortgage research firm HSH.com. That’s just slightly below the median annual wage of $53,000.

Of course, the old adage that all real estate is local holds true. A median-priced home in Pittsburgh costs $128,000, about a sixth of what it cost to buy a median-priced home in San Francisco. Residents of the former city would need wages of just $31,134 to become homeowners, while those in the latter would need to earn nearly $150,000.

The report used local home prices as well as local mortgage rates to compare the base cost of owning a house—mortgage principal, interest, taxes and insurance —but did not include other expenses such as maintenance and utilities. Here’s How Much Salary You Need To Earn:

Cities 30-Year Fixed Mortgage Rate % Change from 3Q15 Median Home Price % Change from 4Q14 Monthly Payment (PITI) Salary Needed
National 4.02% -0.06% $222,700 +6.86 $1,192.67 $51,114.62
Pittsburgh 3.90% -0.06% $128,000 +4.32 $726.47 $31,134.50
Cleveland 4.00% -0.08% $121,800 +0.50 $758.88 $32,523.47
Cincinnati 4.02% -0.09% $136,600 -1.09 $792.56 $33,967.01
St Louis 4.00% -0.05% $143,700 +3.83 $811.48 $34,777.53
Detroit 4.07% -0.05% $148,667 +5.69 $861.34 $36,914.56
Atlanta 4.03% -0.07% $169,200 +7.29 $876.19 $37,551.08
Tampa 4.16% -0.03% $175,100 +9.44 $978.19 $41,922.58
Phoenix 4.03% -0.06% $221,000 +10.33 $1,025.21 $43,937.76
San Antonio 4.01% -0.08% $192,100 +3.56 $1,096.08 $46,974.78
Orlando 4.08% -0.03% $205,000 +13.89 $1,115.59 $47,810.81
Minneapolis 4.00% -0.07% $223,700 +6.52 $1,172.52 $50,250.68
Philadelphia 4.00% -0.06% $213,700 +0.19 $1,204.52 $51,622.40
Dallas 4.05% -0.04% $206,200 +8.76 $1,208.81 $51,806.01
Houston 4.04% -0.05% $209,200 +4.97 $1,217.16 $52,163.93
Baltimore 3.98% -0.03% $233,500 +0.13 $1,233.51 $52,864.57
Chicago 4.04% -0.04% $209,800 +7.53 $1,352.93 $57,982.85
Sacramento 4.05% -0.08% $294,100 +9.45 $1,450.01 $62,143.45
Miami 4.07% -0.07% $286,000 +7.92 $1,471.12 $63,048.07
Portland 4.05% -0.08% $318,800 +10.35 $1,538.07 $65,917.47
Denver 4.05% -0.08% $353,500 +12.29 $1,596.85 $68,436.22
Seattle 4.09% -0.09% $385,300 +9.46 $1,829.91 $78,424.93
Washington 4.01% -0.06% $371,600 -0.32 $1,834.60 $78,625.71
Boston 3.96% -0.07% $393,600 +2.71 $1,940.20 $83,151.43
New York City 4.00% -0.06% $384,600 -0.39 $2,024.64 $86,770.19
Los Angeles 4.02% -0.04% $481,900 +6.88 $2,217.60 $95,040.20
San Diego 3.90% -0.21% $546,800 +10.89 $2,407.18 $103,164.96
San Francisco 3.94% -0.04% $781,600 +9.21 $3,453.24 $147,996.19

via HSH / CNBC

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