dcsimg
We research, you save.
Got Questions On Rates? (855) 610-2972

The salary you must earn to buy a home in 27 metros

See below exactly how much salary you would need to earn in order to afford the principal, interest, taxes and insurance payments on a median-priced home in 27 metro areas.

Key takeaways:

  • Compared to the third quarter, the median value of a home sold in the fourth quarter of 2016 was lower in 21 of the 27 markets we review for our calculations. However, this decline in cost this wasn't enough to offset the considerable increase in 30-year fixed mortgage rates, so the salary needed to purchase that median home rose yet again in all but 5 markets.
  • Quarterly slippage notwithstanding, home prices were higher in all markets on a year-over-year basis, sometimes substantially so. Of the metro areas in our study, those increases ranged from 1.56 percent in the Pittsburgh metro to a whopping 14.85 percent gain in the Tampa market. Seven markets featured double-digit increases, but there are plenty of high single-digit gains to be seen as well.
  • Not surprisingly, rising home prices mean that the income needed to purchase a median-priced single family home in the fourth quarter of 2016 was higher than the same period in 2015 year. In this comparison, only one market (Chicago) was barely lower, and the average increase for all markets was almost 6 percent.
  • Mortgage rates rose considerably during the fourth quarter of 2016. 
  • In the Los Angeles metro, the dip in the median cost of homes sold in the fourth quarter meant that it could again be financed with a conforming loan. A flare in prices in third-quarter saw the median-priced home requiring a jumbo mortgage during that period.
  • For this quarter, our analysis includes updated tax and insurance data.

PLEASE SEE: Metro area definitions

 

Chicago

How much salary do you need to earn in order to afford the principal, interest, tax and insurance payments on a median-priced home in your metro area?

For our calculations, HSH.com uses the National Association of Realtors’ 2016 fourth-quarter data for median-home prices, national mortgage rate data derived from weekly surveys by Freddie Mac and the Mortgage Bankers Association of America for 30-year fixed rate mortgages and available property tax and homeowners insurance costs to determine the annual salary it takes to afford the base cost of owning a home (principal, interest, property tax and homeowner's insurance, or PITI) in the nation's 27 largest metropolitan areas. 

We used standard 28 percent "front-end" debt ratios and a 20 percent down payment subtracted from the NAR’s median-home-price data to arrive at our figures. We've incorporated available information on property taxes and homeowner’s insurance costs to more accurately reflect the income needed in a given market. Read more about the methodology and inputs on the final slide of this slideshow.

In the commentary section of each slide, we discuss how the required salary would change if you were to put 10 percent down instead of 20 percent. As we work from a fixed median home price, a smaller down payment means both a larger loan amount and the need to pay for private mortgage insurance, which in turn means even higher salary requirements.

Fourth-quarter analysis: Irrespective of quarterly wobbles, thin levels of unsold inventory continue to press home prices higher. The National Association of Realtors reported tightening supplies of unsold homes during the last three months of the year, with 4.6, 3.9 and 3.6 months of stock available to buy October, November and December, respectively. Six months of supply is considered to be an optimal level. Tight supplies mean strong competition for available homes, driving prices up. Nationally, median prices rose by 5.7 percent when compared against the 4th quarter of 2015, with some markets such as Dallas TX, Portland OR and several other markets posting double-digit increases.

NAR Chief Economist Lawrence Yun noted: "Depressed new and existing inventory conditions led to several of the largest metro areas seeing near or above double-digit appreciation, which has pushed home values to record highs in a slight majority of markets." Markets remain very competitive for potential home buyers and a lack of desirable homes to buy coupled with somewhat higher mortgage rates may put a crimp into the traditional spring home buying season.

NAR President William E. Brown, a Realtor® from Alamo, California, says prospective buyers will likely see competition in their market increase even more this spring. "The prospect of higher mortgage rates and more home shoppers in coming months should be enough of an incentive for those serious about buying to start their search now," he said.

Here’s a current look at how much salary you would need to earn in order to afford the principal, interest, taxes and insurance payments on a median-priced home in your metro area

Mortgage rate:  3.97 percent

  • Quarterly change: 0.48 percent

Home price:  $130,000

  • Quarterly change: -7.14 percent
  • Year-over-year change: +1.56 percent

Monthly payment:  $755.38

Salary:  $32,373.50

  • Quarterly change: $411.13
  • Year-over-year change: +3.98 percent

If homebuyers in the Pittsburgh metro put 10 percent down instead of 20 percent, the required salary increases from $32,373.50 to $36,862.33.

Mortgage rate:  3.97 percent

  • Quarterly change: 0.39 percent

Home price:  $131,000

  • Quarterly change: -5.69 percent
  • Year-over-year change: +7.55 percent

Monthly payment:  $788.19

Salary:  $33,779.45

  • Quarterly change: -$405.19
  • Year-over-year change: +3.86 percent

If homebuyers in the Cleveland metro put 10 percent down instead of 20 percent, the required salary increases from $33,779.45 to $38,302.81.

Mortgage rate:  3.97 percent

  • Quarterly change: 0.34 percent

Home price:  $151,200

  • Quarterly change: -3.69 percent
  • Year-over-year change: +10.69 percent

Monthly payment:  $852.14

Salary:  $36,520.35

  • Quarterly change: $403.04
  • Year-over-year change: +7.52 percent

If homebuyers in the Cincinnati metro put 10 percent down instead of 20 percent, the required salary increases from $36,520.35 to $41,741.21.

Mortgage rate:  3.97 percent

  • Quarterly change: 0.44 percent

Home price:  $160,800

  • Quarterly change: -5.41 percent
  • Year-over-year change: +6.07 percent

Monthly payment:  $884.84

Salary:  $37,921.76

  • Quarterly change: $395.21
  • Year-over-year change: +5.13 percent

If homebuyers in the St Louis metro put 10 percent down instead of 20 percent, the required salary increases from $37,921.76 to $43,474.10.

Mortgage rate:  3.97 percent

  • Quarterly change: 0.36 percent

Home price:  $164,650

  • Quarterly change: -3.61 percent
  • Year-over-year change: +10.75 percent

Monthly payment:  $912.16

Salary:  $39,092.52

  • Quarterly change: $59.11
  • Year-over-year change: +5.90 percent

If homebuyers in the Detroit metro put 10 percent down instead of 20 percent, the required salary increases from $39,092.52 to $44,777.80.

Mortgage rate:  3.97 percent

  • Quarterly change: 0.43 percent

Home price:  $182,900

  • Quarterly change: -4.49 percent
  • Year-over-year change: +8.10 percent

Monthly payment:  $923.44

Salary:  $39,576.11

  • Quarterly change: $191.21
  • Year-over-year change: +5.39 percent

If homebuyers in the Atlanta metro put 10 percent down instead of 20 percent, the required salary increases from $39,576.11 to $45,891.55.

Mortgage rate:  3.97 percent

  • Quarterly change: 0.41 percent

Home price:  $235,600

  • Quarterly change: 0.13 percent
  • Year-over-year change: +6.61 percent

Monthly payment:  $1,071.33

Salary:  $45,913.96

  • Quarterly change: $1,784.71
  • Year-over-year change: +4.50 percent

If homebuyers in the Phoenix metro put 10 percent down instead of 20 percent, the required salary increases from $45,913.96 to $54,049.10.

Mortgage rate:  3.97 percent

  • Quarterly change: 0.31 percent

Home price:  $205,000

  • Quarterly change: 0.00 percent
  • Year-over-year change: +14.85 percent

Monthly payment:  $1,079.13

Salary:  $46,248.32

  • Quarterly change: $1,351.04
  • Year-over-year change: +8.85 percent

If homebuyers in the Tampa metro put 10 percent down instead of 20 percent, the required salary increases from $46,248.32 to $53,326.86.

Mortgage rate:  3.97 percent

  • Quarterly change: 0.43 percent

Home price:  $206,300

  • Quarterly change: -2.83 percent
  • Year-over-year change: +7.39 percent

Monthly payment:  $1,170.41

Salary:  $50,160.34

  • Quarterly change: $1,819.41
  • Year-over-year change: +6.78 percent

If homebuyers in the San Antonio metro put 10 percent down instead of 20 percent, the required salary increases from $50,160.34 to $57,283.77.

Mortgage rate:  3.97 percent

  • Quarterly change: 0.36 percent

Home price:  $227,700

  • Quarterly change: -0.96 percent
  • Year-over-year change: +11.07 percent

Monthly payment:  $1,187.01

Salary:  $50,871.95

  • Quarterly change: $1,060.84
  • Year-over-year change: +6.40 percent

If homebuyers in the Orlando metro put 10 percent down instead of 20 percent, the required salary increases from $50,871.95 to $58,734.31.

Mortgage rate:  3.97 percent

  • Quarterly change: 0.47 percent

Home price:  $235,200

  • Quarterly change: -2.12 percent
  • Year-over-year change: +5.85 percent

Monthly payment:  $1,221.89

Salary:  $52,366.58

  • Quarterly change: $1,736.14
  • Year-over-year change: +4.72 percent

If homebuyers in the Minneapolis metro put 10 percent down instead of 20 percent, the required salary increases from $52,366.58 to $60,487.91.

Mortgage rate:  3.97 percent

  • Quarterly change: 0.40 percent

Home price:  $221,600

  • Quarterly change: -5.62 percent
  • Year-over-year change: +3.70 percent

Monthly payment:  $1,238.47

Salary:  $53,077.09

  • Quarterly change: -$30.45
  • Year-over-year change: +2.82 percent

If homebuyers in the Philadelphia metro put 10 percent down instead of 20 percent, the required salary increases from $53,077.09 to $60,728.82.

Mortgage rate:  3.97 percent

  • Quarterly change: 0.39 percent

Home price:  $224,500

  • Quarterly change: 3.27 percent
  • Year-over-year change: +7.31 percent

Monthly payment:  $1,271.42

Salary:  $54,489.34

  • Quarterly change: $2,929.73
  • Year-over-year change: +4.46 percent

If homebuyers in the Houston metro put 10 percent down instead of 20 percent, the required salary increases from $54,489.34 to $62,241.21.

Mortgage rate:  3.97 percent

  • Quarterly change: 0.37 percent

Home price:  $245,900

  • Quarterly change: -6.96 percent
  • Year-over-year change: +5.31 percent

Monthly payment:  $1,277.61

Salary:  $54,754.53

  • Quarterly change: -$1,180.45
  • Year-over-year change: +3.58 percent

If homebuyers in the Baltimore metro put 10 percent down instead of 20 percent, the required salary increases from $54,754.53 to $63,245.32.

Mortgage rate:  3.97 percent

  • Quarterly change: 0.36 percent

Home price:  $230,600

  • Quarterly change: 0.04 percent
  • Year-over-year change: +11.83 percent

Monthly payment:  $1,304.96

Salary:  $55,927.07

  • Quarterly change: $2,102.67
  • Year-over-year change: +7.95 percent

If homebuyers in the Dallas metro put 10 percent down instead of 20 percent, the required salary increases from $55,927.07 to $63,889.56.

Mortgage rate:  3.97 percent

  • Quarterly change: 0.42 percent

Home price:  $226,500

  • Quarterly change: -7.21 percent
  • Year-over-year change: +7.96 percent

Monthly payment:  $1,344.20

Salary:  $57,608.39

  • Quarterly change: -$3,682.38
  • Year-over-year change: -0.65 percent

If homebuyers in the Chicago metro put 10 percent down instead of 20 percent, the required salary increases from $57,608.39 to $65,429.31.

Mortgage rate:  3.97 percent

  • Quarterly change: 0.36 percent

Home price:  $324,300

  • Quarterly change: -0.83 percent
  • Year-over-year change: +10.27 percent

Monthly payment:  $1,559.79

Salary:  $66,848.15

  • Quarterly change: $2,100.38
  • Year-over-year change: +7.57 percent

If homebuyers in the Sacramento metro put 10 percent down instead of 20 percent, the required salary increases from $66,848.15 to $78,046.06.

Mortgage rate:  3.97 percent

  • Quarterly change: 0.38 percent

Home price:  $310,500

  • Quarterly change: -1.43 percent
  • Year-over-year change: +8.95 percent

Monthly payment:  $1,561.77

Salary:  $66,933.18

  • Quarterly change: $2,054.65
  • Year-over-year change: +6.44 percent

If homebuyers in the Miami metro put 10 percent down instead of 20 percent, the required salary increases from $66,933.18 to $77,654.58.

Mortgage rate:  3.97 percent

  • Quarterly change: 0.30 percent

Home price:  $354,700

  • Quarterly change: -1.06 percent
  • Year-over-year change: +11.26 percent

Monthly payment:  $1,654.23

Salary:  $70,895.46

  • Quarterly change: $1,109.41
  • Year-over-year change: +7.55 percent

If homebuyers in the Portland metro put 10 percent down instead of 20 percent, the required salary increases from $70,895.46 to $83,143.06.

Mortgage rate:  3.97 percent

  • Quarterly change: 0.34 percent

Home price:  $381,600

  • Quarterly change: -1.34 percent
  • Year-over-year change: +7.95 percent

Monthly payment:  $1,698.01

Salary:  $72,771.94

  • Quarterly change: $2,030.81
  • Year-over-year change: +6.34 percent

If homebuyers in the Denver metro put 10 percent down instead of 20 percent, the required salary increases from $72,771.94 to $85,948.38.

Mortgage rate:  3.97 percent

  • Quarterly change: 0.45 percent

Home price:  $384,300

  • Quarterly change: -2.34 percent
  • Year-over-year change: +3.86 percent

Monthly payment:  $1,872.04

Salary:  $80,230.15

  • Quarterly change: $1,770.09
  • Year-over-year change: +2.38 percent

If homebuyers in the Washington metro put 10 percent down instead of 20 percent, the required salary increases from $80,230.15 to $93,499.82.

Mortgage rate:  3.97 percent

  • Quarterly change: 0.21 percent

Home price:  $423,300

  • Quarterly change: 0.28 percent
  • Year-over-year change: +9.86 percent

Monthly payment:  $1,959.28

Salary:  $83,969.34

  • Quarterly change: $2,195.45
  • Year-over-year change: +7.07 percent

If homebuyers in the Seattle metro put 10 percent down instead of 20 percent, the required salary increases from $83,969.34 to $98,585.66.

Mortgage rate:  3.97 percent

  • Quarterly change: 0.47 percent

Home price:  $417,400

  • Quarterly change: -4.11 percent
  • Year-over-year change: +6.05 percent

Monthly payment:  $2,083.67

Salary:  $89,299.95

  • Quarterly change: $3,246.23
  • Year-over-year change: +7.39 percent

If homebuyers in the Boston metro put 10 percent down instead of 20 percent, the required salary increases from $89,299.95 to $103,712.55.

Mortgage rate:  3.97 percent

  • Quarterly change: 0.41 percent

Home price:  $382,300

  • Quarterly change: -3.85 percent
  • Year-over-year change: +2.38 percent

Monthly payment:  $2,162.18

Salary:  $92,664.68

  • Quarterly change: $7,176.58
  • Year-over-year change: +9.10 percent

If homebuyers in the New York City metro put 10 percent down instead of 20 percent, the required salary increases from $92,664.68 to $105,865.29.

Mortgage rate:  3.97 percent

  • Quarterly change: 0.32 percent

Home price:  $503,400

  • Quarterly change: -6.20 percent
  • Year-over-year change: +4.46 percent

Monthly payment:  $2,294.02

Salary:  $98,315.22

  • Quarterly change: -$1,832.22
  • Year-over-year change: +3.45 percent

If homebuyers in the Los Angeles metro put 10 percent down instead of 20 percent, the required salary increases from $98,315.22 to $115,697.35.

Mortgage rate:  4.10 percent

  • Quarterly change: 0.32 percent

Home price:  $593,000

  • Quarterly change: 0.63 percent
  • Year-over-year change: +8.45 percent

Monthly payment:  $2,649.04

Salary:  $113,530.43

  • Quarterly change: $4,876.33
  • Year-over-year change: +10.05 percent

If homebuyers in the San Diego metro put 10 percent down instead of 20 percent, the required salary increases from $113,530.43 to $137,056.40.

Mortgage rate:  4.10 percent

  • Quarterly change: 0.44 percent

Home price:  $837,500

  • Quarterly change: 0.76 percent
  • Year-over-year change: +7.15 percent

Monthly payment:  $3,747.10

Salary:  $160,589.84

  • Quarterly change: $9,075.97
  • Year-over-year change: +8.51 percent

If homebuyers in the San Francisco metro put 10 percent down instead of 20 percent, the required salary increases from $160,589.84 to $193,815.80.

To compile these results, HSH.com calculates the annual before-tax income required to cover the mortgage's principal, interest, property tax and homeowner's insurance payment. We use standard 28 percent "front-end" debt ratios and a 20 percent down payment subtracted from the median-home-price data to arrive at our figures. Loans with less than a 20 percent down payment will incur mortgage insurance, which would in turn increase the required salary and require Private Mortgage Insurance. Results using smaller down payments and including PMI costs are provided on each market's slide.

We utilized the NAR's 2016 fourth-quarter data for median home prices. For mortgage data, we create a quarterly average of mortgage rates from survey data published by Freddie Mac (conforming loans) and the Mortgage Bankers Association of America (jumbo loans) for a 30-year, fixed-rate mortgage.

The average mortgage rate information we used was for purchase-money mortgages made to borrowers with good to excellent credit.

Into our calculations, we incorporate metropolitan-area average property tax information using data made available from the Census Bureau's American Community Survey (ACS). We use 2010-2015 ACS 5-year estimates, which are the latest available data.

For homeowner's insurance costs, we use the latest available data for statewide average homeowner insurance premium costs from the Insurance Information Institute (http://www.iii.org), whose mission is to improve public understanding of insurance.

Note: Property taxes and insurance costs are specific to an individual property itself and will be different for any single property in which you may have an interest. Also, if other personal debts exceed 8 percent of one's given monthly gross income, this will increase the salary needed to qualify.

PMI costs used in our calculations are for 30-year fixed-rate mortgages. For conforming loan amounts, these are costs for FICO scores of greater than 720 but less than 759; for jumbo loan amounts, these costs are for FICO scores of 760 or greater. You can calculate mortgage insurance costs for other credit scores, down payment amounts and mortgage types using HSH.com's PMI Cost Calculator.

Data for the Pittsburgh metro area was provided by RealSTATs, a locally owned and operated real estate information company. Home-price data for Detroit was provided by Realcomp II Ltd., Michigan's largest Multiple Listing Service.

Page /29

How much salary do you need to earn in order to afford the principal, interest, taxes and insurance payments on a median-priced home in your metro area?

salary you need to earn in order to afford home in 27 metro areas
Embed the image above on your site.

Metro Area 30-Year Fixed Mortgage Rate % Change from 3Q16 Median Home Price % Change from 3Q16 Monthly Payment (PITI) Salary Needed
National 3.97% 0.40% $235,000 -2.61 $1,212.46 $51,962.53
Pittsburgh 3.97% 0.48% $130,000 -7.14 $755.38 $32,373.50
Cleveland 3.97% 0.39% $131,000 -5.69 $788.19 $33,779.45
Cincinnati 3.97% 0.34% $151,200 -3.69 $852.14 $36,520.35
St Louis 3.97% 0.44% $160,800 -5.41 $884.84 $37,921.76
Detroit 3.97% 0.36% $164,650 -3.61 $912.16 $39,092.52
Atlanta 3.97% 0.43% $182,900 -4.49 $923.44 $39,576.11
Phoenix 3.97% 0.41% $235,600 +0.13 $1,071.33 $45,913.96
Tampa 3.97% 0.31% $205,000 +0.00 $1,079.13 $46,248.32
San Antonio 3.97% 0.43% $206,300 -2.83 $1,170.41 $50,160.34
Orlando 3.97% 0.36% $227,700 -0.96 $1,187.01 $50,871.95
Minneapolis 3.97% 0.47% $235,200 -2.12 $1,221.89 $52,366.58
Philadelphia 3.97% 0.40% $221,600 -5.62 $1,238.47 $53,077.09
Houston 3.97% 0.39% $224,500 +3.27 $1,271.42 $54,489.34
Baltimore 3.97% 0.37% $245,900 -6.96 $1,277.61 $54,754.53
Dallas 3.97% 0.36% $230,600 +0.04 $1,304.96 $55,927.07
Chicago 3.97% 0.42% $226,500 -7.21 $1,344.20 $57,608.39
Sacramento 3.97% 0.36% $324,300 -0.83 $1,559.79 $66,848.15
Miami 3.97% 0.38% $310,500 -1.43 $1,561.77 $66,933.18
Portland 3.97% 0.30% $354,700 -1.06 $1,654.23 $70,895.46
Denver 3.97% 0.34% $381,600 -1.34 $1,698.01 $72,771.94
Washington DC 3.97% 0.45% $384,300 -2.34 $1,872.04 $80,230.15
Seattle 3.97% 0.21% $423,300 +0.28 $1,959.28 $83,969.34
Boston 3.97% 0.47% $417,400 -4.11 $2,083.67 $89,299.95
New York City 3.97% 0.41% $382,300 -3.85 $2,162.18 $92,664.68
Los Angeles 3.97% 0.32% $503,400 -6.20 $2,294.02 $98,315.22
San Diego 4.10% 0.32% $593,000 +0.63 $2,649.04 $113,530.43
San Francisco 4.10% 0.44% $837,500 +0.76 $3,747.10 $160,589.84

Comments

  1. tada September 12, 2016 1:53 pm

    Guys, in Atlanta atleast, the pricing is very underestimated. in any reasonable neighborhood, prices are north of 400k atleast.

      Reply»  
    1. Editorial Team September 13, 2016 12:31 pm

      Tada, You're probably right. But we're using the data that is available to us and to everyone else: median home prices (half sold for more, half sold for less) in the metro area. The Atlanta metro area is defined here: http://www.hsh.com/finance/real-estate/metro-area-definitions.html. Thanks for commenting, Tim Manni, HSH.com

        Reply »  
  2. Mariano Cortes September 12, 2016 1:03 pm

    How disappointing, i want to buy a home in NY, Long Island, i think i need a huge raise to do so.

      Reply»  
  3. Erika September 10, 2016 3:58 pm

    $480,000 in Los Angeles?! Try doubling that! Where are these numbers coming from??

      Reply»  
    1. Editorial Team September 13, 2016 12:44 pm

      Erika, These home price numbers are coming from the National Association of Realtors. It is the median home price (half the homes sold for more, half sold for less) for the entire LA metro area. See metro definitions here: http://www.hsh.com/finance/real-estate/metro-area-definitions.html Thanks for commenting. Tim Manni, HSH.com

        Reply »  
  4. James Fountain September 04, 2016 4:37 pm

    You should check out home pricing in and around Austin Tx. It's very expensive there. The closer to the city the more it costs. Very expensive.

      Reply»  
  5. Rob September 02, 2016 11:43 pm

    Looks like SF is not treated as the "major metropolitan area" of the Bay Area. So this compares SF without Oakland or Alemeda to NYC with Bronx and Staten Island. I'm sure there are similar issues in other cities.

      Reply»  
    1. Melina M September 13, 2016 10:21 am

      Actually, it looks like "San Francisco" includes all of the city, Alameda county, Marin county, San Mateo county, and Contra Costa county. If it were San Francisco by itself, the median price goes up by over a quarter million dollars to about $1.15 million, which is actually down from the $1.3 million at the beginning of the year. Citation: http://www.hsh.com/finance/real-estate/metro-area-definitions.html and http://sf.curbed.com/2015/12/8/9893366/san-franciscos-median-house-price-holds-strong-at-1-3m

        Reply »  
  6. Mike September 01, 2016 8:01 pm

    What is Burlington, VT?

      Reply»  
  7. Lisa September 01, 2016 11:57 am

    Hi, I have been looking at apartments in NYC and Los Angeles and was surprised that LA was more expensive than NYC. From what I have seen NYC is so much more expensive. Just wondering if you would have any additional factors/insights that would go into the stats.

      Reply»  
    1. Editorial Team September 06, 2016 1:37 pm

      Hey Lisa, thanks for commenting. "Just wondering if you would have any additional factors/insights that would go into the stats." If you look on the first and last slide you will see all the factors that went into these calculations. Thanks for commenting. -Tim Manni, HSH.com

        Reply »  
  8. Ray August 31, 2016 7:26 am

    Where in nyc can I buy a house for $395k? I would like to know

      Reply»  
    1. Editorial Team September 06, 2016 1:40 pm

      Ray: Thanks for commenting. It's important to remember that the $395K is the median price number from the National Association of Realtors. It's also the median priced number for the entire metro area, not simply NYC. I think we both agree that it would be quite difficult to buy anything in the Manhattan, for example, for $395K. -Tim Manni, HSH.com.

        Reply »  
      1. Jason November 20, 2016 7:20 am

        If NYC includes the metro area average, why don't you state so? Why are you calling it NYC? NYC does not include metro areas from our perspective and these numbers look fluffed.

        1. Editorial Team January 05, 2017 7:17 am

          We do mention "metro" right in the title of the article... and it is the "New York City" metro area on which our calculations are based. The National Association of Realtors uses the Office of Management and Budget definition to define the area covered, and we provide this information here: http://www.hsh.com/finance/real-estate/metro-area-definitions.html

  9. DC renter August 31, 2016 4:10 am

    Your logic for calculating these figures is flawed. Living in DC, saving enough to put down 20% is the obstacle in buying a home.

      Reply»  
    1. Editorial Team September 06, 2016 1:43 pm

      DC Renter: You say "Your logic for calculating these figures is flawed. Living in DC, saving enough to put down 20% is the obstacle in buying a home." We also provide salary figures for a 10% down payment (which factors in mortgage insurance) in the commentary portion of each slide. Thanks for commenting. -Tim Manni, HSH.com

        Reply »  
  10. Matt V August 29, 2016 6:47 pm

    And Honolulu? Guessing it is #3!!!

      Reply»  

Leave a Comment
 
 
 
Mortgage Rates from 0.00%