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Denver saw the largest increase in median home value in Q1 2019.
- 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.
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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.
Below is HSH's data on the salary homeownership would require in 19 cities, along with census data for each city.