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The Salary You Need To Buy A Home In 27 Different Cities

A report by mortgage and loan site HSH.com determined the salaries needed to own a median-priced home in 27 different US cities, revealing that the struggle is as difficult as ever.

The report uses average property tax information from the 2011-2013 Census Bureau's American Community Survey, average homeowner insurance premium costs from the Insurance Information Institute and median single family home prices from the National Association of Realtors' 2016 second-quarter data. Mortgage resource HSH.com has crunched the numbers needed to give us this general snapshot of the earning power required to become a homebuyer in these 27 different U.S. metro areas.

Using the median home price in each city (from the National Association of Realtors) and the average 30-year fixed-rate interest rate in each area (from HSH's own data), they were able to determine the total salary required to afford the base cost of owning a home - the principal, interest, taxes and insurance—in each area.

Here is the average nationally:

National:


Median home price: $240,700

Monthly payment: $1,229.65

Salary needed: $52,699.17

NYC


Median home price: $395,400

Monthly payment: $2,011.69

Salary needed: $86,215.44

The most affordable city was Pittsburgh:

Pittsburgh


Median home price: $140,500

Monthly payment: $755.77

Salary needed: $32,390.09

And the least affordable was San Francisco:

San Francisco


Median home price: $885,600

Monthly payment: $3,778.78

Salary needed: $161,947.60

The rest of the cities are lsited below:

Boston


Salary needed: $87,556

Philadelphia


Salary needed: $53,421

Baltimore


Salary needed: $56,837

Washington D.C.


Salary needed: $81,940

Cleveland


Salary needed: $34,433

Detroit


Salary needed: $38,541

Chicago


Salary needed: $62,455

Minneapolis


Salary needed: $51,793

St. Louis


Salary needed: $38,131

Cincinnati


Salary needed: $37,179

Atlanta


Salary needed: $40,092

Orlando


Salary needed: $49,382

Tampa


Salary needed: $44,874

Miami


Salary needed: $65,120

Houston


Salary needed: $52,274

Dallas


Salary needed: $54,764

San Antonio


Salary needed: $48,752

Denver


Salary needed: $72,847

Phoenix


Salary needed: $44,715

San Diego


Salary needed: $109,440

Los Angeles


Salary needed: $92,091

Sacramento


Salary needed: $65,362

Portland


Salary needed: $70,613

Seattle


Salary needed: $82,670
3 months ago · Report