Here's the salary you need to earn to buy a house in 19 major US cities ☘ Hoey Team ☘ eXp Realty

Dated: 08/19/2019

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Buying a home looks very different in cities across the US - Check them out below.

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.

19. San Antonio, Texas

19. San Antonio, Texas
This house in San Antonio is listed at $227,000.

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

18. Orlando, Florida
This Orlando house is listed for $265,000.
 Google Maps

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

17. Minneapolis, Minnesota
This house in Minneapolis is listed for $275,000.
 Google Maps

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

16. Houston, Texas
A house for sale in Houston is listed at $235,000.
 Google Maps.

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

15. Philadelphia, Pennsylvania
Townhouses in this Philadelphia neighborhood are listed for $224,900.
 Google Maps

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

14. Dallas, Texas
This house in Dallas is listed at $254,900.
 Google Maps

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

13. Baltimore, Maryland
Townhouses on this Baltimore block list for $275,000.
 Google Maps

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

12. Chicago, Illinois
This house near Chicago is listed at $246,000.
 Google Maps

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

11. Miami, Florida
Apartments in this neighborhood are listed at $349,000.
 Google Maps

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

10. Sacramento, California
This house in Sacramento is listed at $359,950.
 Google Maps

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

9. Portland, Oregon
This house in Portland is listed at $389,000.
 Google Maps

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

8. Denver, Colorado
Houses in this Denver neighborhood are listed at $445,400.
 Google Maps

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

7. Washington, DC
Condos in this Washington, DC neighborhood sell for $419,500.
 Google Maps

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

6. Seattle, Washington
This house in Seattle is listed at $499,000.
 Google Maps

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

5. New York, New York
Apartments in this New York, New York neighborhood are listed at $395,999.

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

4. Boston, Massachusetts
Condos in this building near Boston list for $459,000.

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

3. Los Angeles, California
Houses in this Los Angeles neighborhood are listed for $498,625.

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

2. San Diego, California
Houses in this San Diego neighborhood list for $619,000.
 Google Maps

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

1. San Francisco, California
This house in San Francisco is listed at $929,000.
 Google Maps

Population: 4,729,484

Median home price: $930,000

Monthly mortgage payment: $4,345.85

Salary needed to buy: $186,250.55

Article content from Business Insider Magazine

Also; please check out the other blogs, and tabs to many other Links, Updates, Reports & Stats that we have here on our informational website.  

We hope that you find the information useful.  If you have any questions, please do not hesitate to contact Barry or Kim with the Hoey Team  brokered by eXp Realty

Email us at Barry@SWFLLuxury.Com  or KimZuponcic@Gmail.com or Call/Text the Hoey Team ☘ at:  (239)-360-5527 

“Please Share this and our informational website with anyone who you think the info will help. 

Feel free to refer any family or friends; it is the greatest compliment that you can give to us; we really appreciate referrals from Past Customers, Friends and Fellow REALTORS, who we help in any way we can. 

Most of our business is referrals by word of mouth; from past Sellers and Buyers who we have helped; please ask for and check out our testimonials and Sales Stats.  Thanks, Barry & Kim 

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