Monday
December 22, 2014

10 Markets Where Salaries Stretch Furthest

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10 Markets Where Salaries Stretch Furthest

Pittsburgh ranks first in housing affordability, when you look at the salary you need to afford a monthly house payment there, according to a new analysis conducted by HSH.com.

Learn why housing affordability is slowly falling, according to this reading of NAR's latest Housing Affordability Index.

The mortgage research site crunched second-quarter housing data from the National Association of REALTORS® to determine how much money it takes to afford the base cost of owning a median-priced home in 27 markets. HSH.com factored principal, interest, taxes, and insurance into determining the housing costs of a median-priced home.

The following are the 10 markets that topped HSH.com’s list for the smallest paycheck a person would need to afford a median-priced home:

  1. Pittsburgh: $33,128.20 (salary needed)
  2. Cleveland: $33,881.55
  3. Cincinnati: $35,864.16
  4. St. Louis: $36,020.47
  5. Detroit: $36,236.03
  6. Tampa: $37,913.32
  7. Atlanta: $38,005.28
  8. Phoenix: $41,250.52
  9. Orlando: $43,163.95
  10. San Antonio: $46,304.97

Source: "The Salary You Must Earn to Buy a Home in 27 Markets," HSH.com (Aug. 15, 2014)