+

Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Close
HomeQuizzoneWhatsappShare Flash Reads
 

Here's the salary you need to earn to buy a house in 19 major US cities

Jul 25, 2019, 21:23 IST

Denver saw the largest increase in median home value in quarter one 2019.David Stephens/Getty Images

Advertisement
  • HSH's latest data calculates how much yearly income it would take to buy a house in 50 metropolitan areas across the US.
  • While markets like San Francisco and New York, New York dropped slightly in median home values during Q1 2019, Denver and Richmond, Virginia saw gains from Q3 2018.
  • Visit Business Insider's homepage for more stories.

Buying a home looks very different in cities across the US.

Using data from the first quarter of 2019, mortgage site HSH calculated what you'll need to earn to buy a median-priced home in 50 of the most populated metropolitan areas.

While traditionally large and expensive markets like San Francisco and New York, New York dropped in median home value when compared to quarter three of 2018, the biggest gains were in Denver (up 1.89%), and Richmond, Virginia (up 3.89%).

HSH used data from the National Association of Realtors for median home values. Mortgage rates were calculated using data from Freddie Mac, and based on good to excellent credit scores. The data also assumes a 20% down payment. Metropolitan areas were chosen by data collected by the Census Bureaus' American Community Survey. Numbers also reflect the whole cost of ownership, including the interest, property taxes, and homeowner's insurance on top of the mortgage principal.

Advertisement

Below is HSH's data on the salary homeownership would require in 19 cities, along with census data for each city.

19. San Antonio, Texas

Population: 2,518,036

Median home price: $226,500

Monthly mortgage payment: $1,328.34

Salary needed to buy: $56,928.99

18. Orlando, Florida

Population: 2,512,917

Median home price: $267,000

Monthly mortgage payment: $1,389.84

Salary needed to buy: $59,564.77

17. Minneapolis, Minnesota

Population: 3,629,190

Median home price: $275,500

Monthly mortgage payment: $1,460.43

Salary needed to buy: $62,589.66

16. Houston, Texas

Population: 6,997,384

Median home price: $235,900

Monthly mortgage payment: $1,400.93

Salary needed to buy: $60,039.81

15. Philadelphia, Pennsylvania

Population: 2,234,743

Median home price: $224,900

Monthly mortgage payment: $1,331.14

Salary needed to buy: $57,048.98

14. Dallas, Texas

Population: 7,539,711

Median home price: $254,300

Monthly mortgage payment: $1,484.59

Salary needed to buy: $63,625.39

13. Baltimore, Maryland

Population: 2,802,789

Median home price: $275,300

Monthly mortgage payment: $1,475.33

Salary needed to buy: $63,228.43

12. Chicago, Illinois

Population: 9,498,716

Median home price: $245,400

Monthly mortgage payment: $1,500.98

Salary needed to buy: $64,327.51

11. Miami, Florida

Population: 6,149,687

Median home price: $350,000

Monthly mortgage payment: $1,790.97

Salary needed to buy: $76,755.97

10. Sacramento, California

Population: 2,345,210

Median home price: $360,000

Monthly mortgage payment: $1,807.02

Salary needed to buy: $77,443.81

9. Portland, Oregon

Population: 2,478,810

Median home price: $390,600

Monthly mortgage payment: $1,917.18

Salary needed to buy: $82,165.04

8. Denver, Colorado

Population: 2,932,415

Median home price: $446,600

Monthly mortgage payment: $2,086.25

Salary needed to buy: $89,410.57

7. Washington, DC

Population: 6,249,950

Median home price: $420,000

Monthly mortgage payment: $2,131.13

Salary needed to buy: $91,334.30

6. Seattle, Washington

Population: 3,939,363

Median home price: $ 497,000

Monthly mortgage payment: $2,392.05

Salary needed to buy: $102,516.54

5. New York, New York

Population: 19,979,477

Median home price: $396,600

Monthly mortgage payment: $2,356.81

Salary needed to buy: $101,006.15

4. Boston, Massachusetts

Population: 4,874,390

Median home price: $461,200

Monthly mortgage payment: $2,404.69

Salary needed to buy: $103,058.20

3. Los Angeles, California

Population: 13,291,486

Median home price: $548,600

Monthly mortgage payment: $2,626.30

Salary needed to buy: $112,555.74

2. San Diego, California

Population: 3,343,364

Median home price: $620,000

Monthly mortgage payment: $2,911.34

Salary needed to buy: $124,771.80

1. San Francisco, California

Population: 4,729,484

Median home price: $930,000

Monthly mortgage payment: $4,345.85

Salary needed to buy: $186,250.55

You are subscribed to notifications!
Looks like you've blocked notifications!
Next Article