Buying a home is likely the biggest purchase you’ll ever make, and prices have been on a steady rise across the country. To afford the national median home price of $229,400, you’ll need an annual salary of $51,942.
Here's what you need to earn to afford a home in the 27 biggest metro areas in the country, according to HSH.com.
City
Salary Needed
Median Home Price
Monthly payment
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San Francisco*$157,912$841,600$3,684
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San Diego*$104,839$547,800$2,446
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New York City$90,750$410,400$2,117
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Los Angeles$88,315$445,200$2,060
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Boston$86,164$414,600$2,010
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Washington$83,027$403,800$1,937
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Seattle$78,118$385,300$1,822
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Denver$69,912$362,900$1,631
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Portland$65,009$314,800$1,516
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Miami$63,289$289,900$1,476
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Sacramento$61,517$291,000$1,435
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Chicago$61,068$230,500$1,424
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Baltimore$55,842$254,500$1,303
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Philadelphia$54,385$231,700$1,269
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Houston$53,684$221,100$1,252
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Dallas$52,947$215,200$1,235
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Minneapolis$50,969$229,200$1,189
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San Antonio$48,092$199,400$1,122
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Orlando$46,300$198,000$1,080
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Phoenix$43,170$217,900$1,007
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Tampa$41,488$175,000$968
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Atlanta$39,356$181,500$918
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Detroit$37,544$152,850$876
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St Louis$36,784$157,100$858
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Cincinnati$36,357$151,900$848
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Pittsburgh$33,838$145,250$789
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Cleveland$33,714$129,700$786
Notes/Methodology
*Average jumbo mortgage rate used; HSH.com determined the yearly before-tax salary a buyer would need to afford the total cost (including, principal, interest, tax and insurance) of a median-priced home in the 27 largest U.S. markets based on population. HSH used the average interest rate for a 30-year fixed-rate mortgage, and assumed buyers would make a 20% down payment and spend no more than 28% of their gross income for housing. Median home prices are for the second quarter of 2015 and from the National Association of Realtors.
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