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5 Metro Areas that require the smallest salaries to own a home

By
Real Estate Broker/Owner with Zion Realty

The most expensive metro areas to live in the United States are usually the same major cities year after year. When the final numbers come out each year to no one's surprise New York, San Fransisco, Los Angeles, and Boston are most likely to top the list of most expensive places to hang your hat. But what about the least expensive? Where can you live to get the most bang for your real estate buck? Here are the top 5 metro areas that require the least amount of salary to purchase a median-priced home:

 

1. Pittsburgh

Salary needed: $32,373

Median home price: $136,700

 

2. Cleveland

Salary needed: $33,909

Median home price: $129,900

 

3. Tampa

Salary needed: $35,732

Median home price: $145,000

 

4. Cincinnati

Salary needed: $35,765

Median home price: $149,000

 

5. St. Louis

Salary needed: $35,800

Median home price: $150,200

 

These numbers were found in the article "The salary you must earn to buy a home in 27 metros". I find it interesting to note that four of these five metro areas are known for their cold weather. Is this a sign of the shifting demographic to warmer weather climates? Time will tell but here in Gilbert, Arizona we are one of the fastest growing cities in the Country. If you would like more information on real estate in the Gilbert, Arizona area contact us at ZionRealtyAZ.com.

Comments(23)

Dagny Eason
Dagny's Real Estate - Wilton, CT
Fairfield County CT, CDPE Homes For Sale and Condo

I agree with Tammy - Tampa surprises me too.    I wish I could live where it is warmer.     My 99 year old mother in law lives in an assisted living place near here, and we are it.  

Dec 30, 2014 08:50 AM
Susan Haughton
Long and Foster REALTORS (703) 470-4545 - Alexandria, VA
Susan & Mindy Team...Honesty. Integrity. Results.

It is always interesting to see other areas' average home prices and salary info.  I was surprised by Tampa. 

Dec 30, 2014 10:55 AM
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

  Out of those 5 I am going to pick Tampa, Florida.   Interesting statistics, Nicole! 

Dec 30, 2014 11:02 AM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Nicole- I too am surprised by Tampa!  I love seeing lists like this. 

Dec 30, 2014 11:23 AM
David Shamansky
US Mortgages - David Shamansky - Highlands Ranch, CO
Creative, Aggressive & 560 FICO - OK, Colorado Mtg

Hey Nicole, this is an excellent post and a very great insight to somethhing that gets little to no attention

Dec 30, 2014 12:50 PM
Jon Kolsky
Kolsky Realty & Management - Long Beach, CA
Licensed California Real Estate Broker

Nicole Doty - Gilbert Real Estate Expert ~ what, LA did not make that list? ha ha! I have a feeling we would see LA in the to 5 highest salaries needed

Dec 30, 2014 01:09 PM
James Dray
Fathom Realty - Bentonville, AR

Interesting data I thought it would be so different.   Today is the last day of this wonderful year.  I do hope the next one is at least as good as the last one. 

Dec 30, 2014 07:04 PM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Excellent information for those looking for affordable towns, Nicole.  Though, these statistics often miss some wonderful small towns in many areas of the country.

Dec 30, 2014 08:25 PM
Nicole Doty - Gilbert Real Estate Expert
Zion Realty - Gilbert, AZ
Broker/Owner of Zion Realty ZionRealtyAZ.com

I thought Tampa was a pretty popular destination for at least retirees. But apparently according to the numbers it's still pretty cheap to live there. Shows how much I know about the Florida market.

Dec 30, 2014 10:20 PM
Kathy Streib
Cypress, TX
Home Stager/Redesign

What I learned

Jan 03, 2015 09:37 AM
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Good morning Nicole Doty - Gilbert Real Estate Expert I'm shocked to see Tampa on that list....

Jan 03, 2015 08:24 PM
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

After spending most of my life in one of the less expensive metro areas of Cleveland, I moved to one of the most expensive.....New York, and lived there for 10 years.  9/11 brought me back to the Cleveland area.

Jan 03, 2015 08:29 PM
Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

Yes, I'm constantly amazed at how real estate is so much less expensive in most areas outside the NYC metro area (and other major cities).  Of course the salaries here are much more, too.

BTW, Cincinnati is not that cold (I lived there for 5 years).  Cleveland is freezing and has the lake effect w/ lots of snow. Cincy is on opposite side of state and is almost "south" as it's on the border w/ Kentucky (people there have somewhat southern accents (and definitely unique).  It's basically equivalent to living in Baltimore on the East Coast.  Yes, it's cooler compared to the warm areas of Florida, etc, but it's not that bad. People get it confused w/ Cleveland.

Jan 03, 2015 08:39 PM
Ron Marshall
Marshall Enterprises - Saint Michael, MN
Birdhouse Builder Extraordinaire

I think that your observation about the cold climate is true.  Boomers are moving south, and those that have moved before are finding that it takes more to keep the "status quo".  Nicely done!  And, congrats on the feature in Kathy's recap!

Jan 03, 2015 10:00 PM
Nicole Doty - Gilbert Real Estate Expert
Zion Realty - Gilbert, AZ
Broker/Owner of Zion Realty ZionRealtyAZ.com

Barbara - I was too. I thought Tampa was a pretty popular place to live. Apparently popular doesn't necessarily equate to expensive.

Roger - My brother-in-law was a personal trainer in downtown New York when the planes hit. He had to ride his bike across one of the bridges that day to get home. 

Debbie - Good to know about Cincinnati. I have an agent under me who is from there and he always complained about it being cold so I assumed it was just like Cleveland. Maybe he's just a crybaby 

Ron - My Arizona market has always seen it's steady share of relocating Boomers but it's a different kind of Boomer moving here now. They are much more active and social. They aren't buying in to the old traditional retirement communities anymore. 

Jan 03, 2015 11:23 PM
Maria Gilda Racelis
Home Buyers Realty, LLC-Manchester, Bolton. Vernon,Ellington - Manchester, CT
Home Ownership is w/in Reach. We Make it Happen!

Good Morning Nicole: Stopping by from Kathy's. Very interesting information. I was hoping one of the cities I am eyeing for retirement would be in your top five list.

Thanks for sharing.

Jan 04, 2015 08:56 PM
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Eighteen Years Experience in Brevard County

Interesting list. I was really surprised by Tampa...my choice!

Jan 05, 2015 01:51 AM
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

I am surprised Elkhart Indiana isn't on your list.  Our average home prices are $127,000.

Jan 08, 2015 11:36 AM
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

Just experienced 25 below zero in Nashua NH today.  Glad to know where homes are more affordable.

Jan 08, 2015 11:54 AM
Claude Labbe
RLAH / @properties - Washington, DC
Realty for Your Busy Life

I spent a few months in Pittsburgh for a job assignment, and it was real a town for real people, none of that East Coast attitude which was what I was used to.

Great sports town too.

Interesting list, not sure I'd have been able to guess that set.

Jan 08, 2015 01:15 PM