The Minimum Salary You Need to Afford a Home in 27 Cities

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No matter where you plan to move to in the United States, it’s important to evaluate your finances before looking into purchasing a home. Asking yourself questions like “how much do I make” and “how much do I need to pay each month” are very pertinent when considering the purchase of a home. You should also be well aware of average home prices, mortgage rates, and the average wealth of the neighborhood to which you’re looking into. Your income is tightly intertwined with your ability to buy a home, so what exactly does it take to buy a home in some of America’s most prominent cities?

HSH.com has done the legwork for 27 of America’s most desirable cities by calculating the minimum annual incomes needed to comfortably purchase a home in each city. The mortgage website calculated these dollar amounts by assessing average mortgage rates, housing prices, monthly mortgage payments, and quarterly changes in the aforementioned numbers. The Wall Street Journal made a good interactive map for this information:

WP-map

Here’s how much your minimum income should be annually to purchase a home in the following cities:

Pittsburgh: $31,716.32

  • Mortgage rate: 3.98 percent
  • Home price: $135,000
  • Monthly payment: $740.05

 

Cleveland: $32,010.41

  • Mortgage rate: 4.05 percent
  • Home price: $121,200
  • Monthly payment: $746.91

 

St. Louis: $33,323.09

  • Mortgage rate: 4.03 percent
  • Home price: $138,400
  • Monthly payment: $777.54

 

Cincinnati: $33,485.23

  • Mortgage rate: 4.09 percent
  • Home price: $138,100
  • Monthly payment: $781.32

 

Detroit: $35,521.47

  • Mortgage rate: 4.18 percent
  • Home price: $135,800
  • Monthly payment: $828.83

 

Atlanta: $35,800.11

  • Mortgage rate: 4.09 percent
  • Home price: $157,700
  • Monthly payment: $835.34

 

Tampa: $37,732.20

  • Mortgage rate: 4.13 percent
  • Home price: $160,000
  • Monthly payment: $880.42

 

Phoenix: $40,658.08

  • Mortgage rate: 4.06 percent
  • Home price: $200,300
  • Monthly payment: $948.69

 

Orlando: $42,143.30

  • Mortgage rate: 4.07 percent
  • Home price: $180,000
  • Monthly payment: $983.34

 

San Antonio: $45,374.30

  • Mortgage rate: 4.09 percent
  • Home price: $185,500
  • Monthly payment: $1,058.73

 

Minneapolis: $47,626.53

  • Mortgage rate: 4.07 percent
  • Home price: $210,000
  • Monthly payment: $1,111.29

 

Dallas: $48,786.53

  • Mortgage rate: 4.09 percent
  • Home price: $189,600
  • Monthly payment: $1,138.35

 

Houston: $49,983.37

  • Mortgage rate: 4.09 percent
  • Home price: $199,300
  • Monthly payment: $1,166.28

 

Philadelphia: $50,914.04

  • Mortgage rate: 4.14 percent
  • Home price: $213,300
  • Monthly payment: $1,187.99

 

Baltimore: $52,661.96

  • Mortgage rate: 4.03 percent
  • Home price: $233,200
  • Monthly payment: $1,228.78

 

Chicago: $54,346.62

  • Mortgage rate: 4.09 percent
  • Home price: $195,100
  • Monthly payment: $1,268.09

 

Sacramento: $58,412.49

  • Mortgage rate: 4.19 percent
  • Home price: $268,700
  • Monthly payment: $1,362.96

 

Miami: $58,431.48

  • Mortgage rate: 4.09 percent
  • Home price: $265,000
  • Monthly payment: $1,363.40

 

Portland, Oregon: $60,603.50

  • Mortgage rate: 4.11 percent
  • Home price: $288,900
  • Monthly payment: $1,414.08

 

Denver: $61,642.15

  • Mortgage rate: 4.08 percent
  • Home price: $314,800
  • Monthly payment: $1,438.32

 

Seattle: $72,844.31

  • Mortgage rate: 4.15 percent
  • Home price: $352,000
  • Monthly payment: $1,699.70

 

Washington, D.C.: $77,394.82

  • Mortgage rate: 3.98 percent
  • Home price: $372,800
  • Monthly payment: $1,805.88

 

Boston: $80,049.93

  • Mortgage rate: 4.05 percent
  • Home price: $383,200
  • Monthly payment: $1,867.83

 

New York City: $87,535.60

  • Mortgage rate: 4.22 percent
  • Home price: $390,000
  • Monthly payment: $2,042.50

 

Los Angeles: $89,664.86

  • Mortgage rate: 4.07 percent
  • Home price: $450,900
  • Monthly payment: $2,092.18

 

San Diego: $95,432.68

  • Mortgage rate: 4.07 percent
  • Home price: $493,100
  • Monthly payment: $2,226.76

 

San Francisco: $142,448.33

  • Mortgage rate: 4.02 percent (jumbo rate)
  • Home price: $742,900
  • Monthly payment: $3,323.79

 

Depending on which city you currently live in or are considering moving to, you may feel good or bad about your chances or purchasing a home anytime soon. Just remember that making a good salary is often times no substitute for keeping your finances in order, so it is possible to still buy a home down the road when your earning potential rises. View these income benchmarks as something for you to aim for as you save for a downpayment and continue to keep you credit score high. Always consult with a real estate professional to learn about your options and to find a plan that can work best for you, and you will be that much closer to your dream of owning a home.

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