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October 1, 2016

The Salary Needed to Buy a Home in 27 Metros

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The Salary Needed to Buy a Home in 27 Metros

Can you afford to buy a home? It’s a common question among potential home buyers. HSH.com recently identified exactly how much is needed to earn in order to afford the mortgage (including principal, interest, taxes, and insurance payments) on a median-priced home in 27 metro areas.

Read more: Affordability Snapshot for the Top 100 Metros

HSH.com used National Association of REALTORS® 2015 data from the fourth quarter on median-home prices and the fourth quarter interest rate for the 30-year fixed-rate mortgage to help determine the salary needed.

For buyers with a 10 percent down payment instead of a 20 percent down payment, the salary for the metro areas studied rose anywhere from $4,200 to $31,000, according to HSH.com.

The following is a breakdown of the salary needed for each of the 27 metros studied:

Pittsburgh

Cleveland

Cincinnati

St. Louis

Detroit

Atlanta

Tampa, Fla.

Phoenix

San Antonio

Orlando, Fla.

Minneapolis

Philadelphia

Dallas

Houston

Baltimore

Chicago

Sacramento, Calif.

Miami

Portland

Denver

Seattle

Washington

Boston

New York

Los Angeles

San Diego

San Francisco

$31,134.50

$32,523.47

$33,967.01

$34,777.53

$36,914.56

$37,551.08

$41,922.58

$43,937.76

$46,974.78

$47,810.81

$50,250.68

$51,622.40

$51,806.01

$52,163.93

$52,864.57

$57,982.85

$62,143.45

$63,048.07

$65,917.47

$68,436.22

$78,424.93

$78,625.71

$83,151.43

$86,770.19

$95,040.20

$103,164.96

$147,996.19

View the full chart of the 27 metros analyzed at HSH.com.

Source: “The Salary You Must Earn to Buy a Home in 27 Metros,” HSH.com (March 2, 2016)