The Salary Needed to Buy a Home in 50 U.S. Metro Areas
The homeownership rate nationwide is 64.8 percent, slowly reversing a downward trend that started in 2004.
The data for the map below comes from the mortgage information site HSH Associates.

The median home in the United States costs about $257,600. With a 20 percent down payment and a 4.90 percent mortgage rate, and taking into account what’s needed to pay principal, interest, taxes, and insurance on the home, it would mean a prospective buyer would need to have $61,453.51 in salary to afford such a purchase.
The most expensive metros are located in California. For example, San Jose requires the highest salary ($254,835.73). On the flip side, Pittsburgh only requires a salary of $37,659.86 to buy a median-priced home.
The ten most expensive metro areas with the highest salary required for buying a home
- San Jose – $254,835.73
- San Francisco – $198,978.01
- San Diego – $131,640.79
- Los Angeles – $123,156.01
- Boston – $106,789.93
- New York City – $105,684.33
- Seattle $489,600 – $105,367.89
- Washington, D.C. – $94,408.70
- Denver – $91,672.45
- Portland – $85,173.08
The ten cheapest metro areas with the lowest salary required for buying a home
- Pittsburgh – $37,659.86
- Cleveland – $40,437.72
- Oklahoma City – $41,335.41
- Memphis – $41,400.93
- Indianapolis – $42,288.92
- Louisville – $42,323.15
- Cincinnati – $43,429.97
- St. Louis – $44,215.56
- Birmingham – $44,593.35
- Buffalo – $45,698.05
The salary you must earn to buy a home in the 50 largest metros
Metro Area | State | Median Home Price | Monthly Payment (PITI) | Salary Needed |
---|---|---|---|---|
San Jose | CA | 1,250,000 | 5,946.17 | 254,835.73 |
San Francisco | CA | 952,200 | 4,642.82 | 198,978.01 |
San Diego | CA | 626,000 | 3,071.62 | 131,640.79 |
Los Angeles | CA | 576,100 | 2,873.64 | 123,156.01 |
Boston | MA | 460,300 | 2,491.76 | 106,789.93 |
New York City | NY | 403,900 | 2,465.97 | 105,684.33 |
Seattle | WA | 489,600 | 2,458.58 | 105,367.89 |
Washington, D.C. | 417,400 | 2,202.87 | 94,408.70 | |
Denver | CO | 438,300 | 2,139.02 | 91,672.45 |
Portland | OR | 389,000 | 1,987.37 | 85,173.08 |
Sacramento | CA | 363,000 | 1,890.71 | 81,030.42 |
Miami | FL | 350,000 | 1,859.95 | 79,712.22 |
Austin | TX | 310,400 | 1,859.40 | 79,688.61 |
Riverside/San Bernardin | CA | 360,000 | 1,832.41 | 78,531.85 |
Providence | Rl | 294,200 | 1,736.72 | 74,430.80 |
Salt Lake City | UT | 341,000 | 1,654.82 | 70,920.97 |
Baltimore | MD | 280,200 | 1,550.39 | 66,445.35 |
Chicago | IL | 243,300 | 1,540.42 | 66,018.14 |
Dallas | TX | 254,900 | 1,537.26 | 65,882.49 |
Hartford | CT | 226,900 | 1,522.63 | 65,255.37 |
Minneapolis | MN | 271,200 | 1,496.46 | 64,134.21 |
Houston | TX | 237,900 | 1,455.91 | 62,396.25 |
Las Vegas | NV | 295,100 | 1,439.44 | 61,690.28 |
Orlando | FL | 265,000 | 1,433.97 | 61,456.04 |
Raleigh | NC | 276,900 | 1,430.08 | 61,289.26 |
Milwaukee | Wl | 243,800 | 1,424.88 | 61,066.27 |
San Antonio | TX | 229,100 | 1,384.02 | 59,315.21 |
Philadelphia | PA | 224,600 | 1,374.19 | 58,894.00 |
Jacksonville | FL | 246,900 | 1,346.54 | 57,708.92 |
Phoenix | AZ | 272,700 | 1,343.42 | 57,575.01 |
Nashville | TN | 264,000 | 1,340.81 | 57,463.36 |
Richmond | VA | 256,500 | 1,319.80 | 56,562.92 |
Tampa | FL | 235,000 | 1,285.77 | 55,104.27 |
Charlotte | NC | 235,400 | 1,226.30 | 52,555.63 |
Virginia Beach | VA | 224,000 | 1,212.06 | 51,945.53 |
Columbus | OH | 200,000 | 1,164.58 | 49,910.55 |
Atlanta | GA | 216,100 | 1,162.94 | 49,840.16 |
Kansas City | MO | 204,000 | 1,155.40 | 49,516.98 |
New Orleans | LA | 206,600 | 1,143.69 | 49,015.08 |
Detroit | Ml | 186,317 | 1,092.07 | 46,802.89 |
Buffalo | NY | 154,200 | 1,066.29 | 45,698.05 |
Birmingham | AL | 202,300 | 1,040.51 | 44,593.35 |
St Louis | MO | 174,100 | 1,031.70 | 44,215.56 |
Cincinnati | OH | 169,400 | 1,013.37 | 43,429.97 |
Louisville | KY | 180,100 | 987.54 | 42,323.15 |
Indianapolis | IN | 185,200 | 986.74 | 42,288.92 |
Memphis | TN | 174,000 | 966.02 | 41,400.93 |
Oklahoma City | OK | 161,000 | 964.49 | 41,335.41 |
Cleveland | OH | 150,100 | 943.55 | 40,437.72 |
Pittsburgh | PA | 141,625 | 878.73 | 37,659.86 |
Data: www.hsh.com
Related posts:
– Salary you need to afford the average home in your state