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The salary you must earn to buy a home in the 50 largest 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 the 50 most populous metropolitan areas.

Key takeaways:
Still-rising home prices and the highest mortgage rates in more than seven years challenged potential homebuyers in the fourth quarter of 2018. Coupling this with tight inventories of desirable and affordable homes to buy in the strongest markets plus the onset of the holiday season, and it's unsurprising that home sales slowed appreciably at the end of the period.

On a quarter-to-quarter basis, median home prices were generally lower in the fourth quarter than in the third, but it's not uncommon for this to occur. The comparable period in 2017 showed quarter-to-quarter declines in 43 of the 50 metros; this year, it was 46 of 50. That said, four metros -- Phoenix AZ, Las Vegas NV, Salt Lake City UT and Nashville TN bucked this common occurrence and posted quarterly increases for the period.

However, don't get the sense that homes are suddenly getting more affordable, which isn't the case at all; However, year-over-year prices actually did decline in one market, the San Jose metro area. The Silicon Valley-influenced metro is usually the most expensive, and remains so even with a 1.57 percent year-over-year decline in median price.

The 49 other metros posted annual gains that ranged from none (0.0% in the Philadelphia metro) to 10.61% in the Las Vegas metro area. Continued strong gains in the "Sin City" metro area have now seen Las Vegas market move out of the "least expensive" group and up into the top 25 most expensive metros. Our companion home price recovery analysis suggests that median home prices in the Las Vegas metro area haven't yet fully recovered peak levels from more than a decade ago, but are closing in fast.

There continue to be some rumblings in the news that in some markets, cooling sales are leading to lower asking prices, or at least sellers accepting bids below asking price. While by no means widespread across the country, there is certainly growing evidence that the rate of annual price increases has started to soften. Nationally, for example, the current year-over-year increase in the median price of an existing home sold in the fourth quarter rose just 3.95% compared to the same period in 2018; this figure was 4.63% in the third quarter, 4.93% in the second and 5.64% in the first quarter, so the cooling trend does seem in place.

In his comments, National Association of Realtors Chief Economist Lawrence Yun remarked that "The West region, where home prices have nearly doubled in six years, is undergoing the biggest shift with the slowest price gain and large buyer pullback."

Smaller home price increases in many places may allow still-rising incomes a chance to close the affordability gap a bit, and with considerably lower mortgage rates (so far) in the first quarter of 2019, this may provide some additional support for potential homebuyers looking to the "spring housing season".

NAR Chief Economist Lawrence Yun noted that "Home prices continued to rise in the vast majority of markets but with inventory steadily increasing, home prices are, on average, rising at a slower and healthier pace," he said.

Although inventory levels of homes to buy are expected to continue to improve, market conditions for homebuyers remain a challenge, and odds don't favor a quick rebound in either affordability or sales, so the sluggish pace of the fourth quarter of 2019 will probably persist for at least the early portion of the first quarter of this year.

Potential homebuyers of more modest means often struggle to come up with a downpayment and may turn to an FHA-backed mortgage, but other low-downpayment alternatives may actually be less costly. To see loan costs for FHA-backed loans compared directly against other offerings in the marketplace, check out HSH's FHA Loan Calculator and Low Downpayment Comparator.

Affording a home comprises more than just the cost of the mortgage. Taxes and insurance costs play a significant role in affordability, albeit moreso in some areas than others. With this quarterly update, we've included the latest available costs for property taxes and homeowner's insurance, all which increase the amount of salary needed to purchase a median-priced home.

 

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’ 2018 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 50 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.

At the bottom of each slide, we provide data to show how the required salary would change if you were to make a 10 percent down payment instead of a 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.

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.

National

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $257,600

  •  Quarterly change: -3.34 percent
  •  Year-over-year change: +3.95 percent

Monthly payment:  $1,433.91

Salary:  $61,453.51

  •  Quarterly change: $209.01
  •  Year-over-year change: +0.13 percent

If a homebuyer wants to buy the National median-priced home with only 10 percent down instead of 20 percent, the required salary increases to $70,459.13

Atlanta

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $216,100

  •  Quarterly change: -3.57 percent
  •  Year-over-year change: +8.65 percent

Monthly payment:  $1,162.94

Salary:  $49,840.16

  •  Quarterly change: -$94.98
  •  Year-over-year change: +0.17 percent

If homebuyers in the Atlanta metro put 10 percent down instead of 20 percent, the required salary increases from $49,840.16 to $57,394.96.

Austin

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $310,400

  •  Quarterly change: -2.45 percent
  •  Year-over-year change: +5.87 percent

Monthly payment:  $1,859.40

Salary:  $79,688.61

  •  Quarterly change: $4,149.39
  •  Year-over-year change: +0.19 percent

If homebuyers in the Austin metro put 10 percent down instead of 20 percent, the required salary increases from $79,688.61 to $90,540.10.

Baltimore

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $280,200

  •  Quarterly change: -6.88 percent
  •  Year-over-year change: +8.86 percent

Monthly payment:  $1,550.39

Salary:  $66,445.35

  •  Quarterly change: -$1,926.88
  •  Year-over-year change: +0.16 percent

If homebuyers in the Baltimore metro put 10 percent down instead of 20 percent, the required salary increases from $66,445.35 to $76,241.06.

Birmingham

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $202,300

  •  Quarterly change: -5.2 percent
  •  Year-over-year change: +3.48 percent

Monthly payment:  $1,040.51

Salary:  $44,593.35

  •  Quarterly change: -$905.62
  •  Year-over-year change: +0.12 percent

If homebuyers in the Birmingham metro put 10 percent down instead of 20 percent, the required salary increases from $44,593.35 to $51,665.71.

Boston

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $460,300

  •  Quarterly change: -6.33 percent
  •  Year-over-year change: +2.63 percent

Monthly payment:  $2,491.76

Salary:  $106,789.93

  •  Quarterly change: -$2,128.23
  •  Year-over-year change: +0.12 percent

If homebuyers in the Boston metro put 10 percent down instead of 20 percent, the required salary increases from $106,789.93 to $122,881.89.

Buffalo

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $154,200

  •  Quarterly change: -5.46 percent
  •  Year-over-year change: +5.47 percent

Monthly payment:  $1,066.29

Salary:  $45,698.05

  •  Quarterly change: -$184.86
  •  Year-over-year change: +0.12 percent

If homebuyers in the Buffalo metro put 10 percent down instead of 20 percent, the required salary increases from $45,698.05 to $51,088.84.

Charlotte

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $235,400

  •  Quarterly change: -3.92 percent
  •  Year-over-year change: +5.32 percent

Monthly payment:  $1,226.30

Salary:  $52,555.63

  •  Quarterly change: -$277.33
  •  Year-over-year change: +0.14 percent

If homebuyers in the Charlotte metro put 10 percent down instead of 20 percent, the required salary increases from $52,555.63 to $60,785.15.

Chicago

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $243,300

  •  Quarterly change: -8.29 percent
  •  Year-over-year change: +2.74 percent

Monthly payment:  $1,540.42

Salary:  $66,018.14

  •  Quarterly change: -$2,109.65
  •  Year-over-year change: +0.1 percent

If homebuyers in the Chicago metro put 10 percent down instead of 20 percent, the required salary increases from $66,018.14 to $74,523.84.

Cincinnati

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $169,400

  •  Quarterly change: -5.42 percent
  •  Year-over-year change: +6.61 percent

Monthly payment:  $1,013.37

Salary:  $43,429.97

  •  Quarterly change: -$441.18
  •  Year-over-year change: +0.14 percent

If homebuyers in the Cincinnati metro put 10 percent down instead of 20 percent, the required salary increases from $43,429.97 to $49,352.15.

Cleveland

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $150,100

  •  Quarterly change: -6.07 percent
  •  Year-over-year change: +6.91 percent

Monthly payment:  $943.55

Salary:  $40,437.72

  •  Quarterly change: -$559.08
  •  Year-over-year change: +0.13 percent

If homebuyers in the Cleveland metro put 10 percent down instead of 20 percent, the required salary increases from $40,437.72 to $45,685.17.

Columbus

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $200,000

  •  Quarterly change: -3.66 percent
  •  Year-over-year change: +5.1 percent

Monthly payment:  $1,164.58

Salary:  $49,910.55

  •  Quarterly change: $120.30
  •  Year-over-year change: +0.13 percent

If homebuyers in the Columbus metro put 10 percent down instead of 20 percent, the required salary increases from $49,910.55 to $56,902.50.

Dallas

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $254,900

  •  Quarterly change: -2.75 percent
  •  Year-over-year change: +3.58 percent

Monthly payment:  $1,537.26

Salary:  $65,882.49

  •  Quarterly change: $462.35
  •  Year-over-year change: +0.11 percent

If homebuyers in the Dallas metro put 10 percent down instead of 20 percent, the required salary increases from $65,882.49 to $74,793.72.

Denver

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $438,300

  •  Quarterly change: -2.62 percent
  •  Year-over-year change: +5.77 percent

Monthly payment:  $2,139.02

Salary:  $91,672.45

  •  Quarterly change: $396.83
  •  Year-over-year change: +0.16 percent

If homebuyers in the Denver metro put 10 percent down instead of 20 percent, the required salary increases from $91,672.45 to $106,995.29.

Detroit

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $186,317

  •  Quarterly change: -4.14 percent
  •  Year-over-year change: +3.28 percent

Monthly payment:  $1,092.07

Salary:  $46,802.89

  •  Quarterly change: -$204.16
  •  Year-over-year change: +0.11 percent

If homebuyers in the Detroit metro put 10 percent down instead of 20 percent, the required salary increases from $46,802.89 to $53,316.48.

Hartford

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $226,900

  •  Quarterly change: -7.08 percent
  •  Year-over-year change: +1.39 percent

Monthly payment:  $1,522.63

Salary:  $65,255.37

  •  Quarterly change: -$874.79
  •  Year-over-year change: +0.1 percent

If homebuyers in the Hartford metro put 10 percent down instead of 20 percent, the required salary increases from $65,255.37 to $73,187.73.

Houston

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $237,900

  •  Quarterly change: -0.96 percent
  •  Year-over-year change: +3.52 percent

Monthly payment:  $1,455.91

Salary:  $62,396.25

  •  Quarterly change: $1,308.69
  •  Year-over-year change: +0.11 percent

If homebuyers in the Houston metro put 10 percent down instead of 20 percent, the required salary increases from $62,396.25 to $70,713.17.

Indianapolis

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $185,200

  •  Quarterly change: -1.96 percent
  •  Year-over-year change: +7.42 percent

Monthly payment:  $986.74

Salary:  $42,288.92

  •  Quarterly change: $395.03
  •  Year-over-year change: +0.16 percent

If homebuyers in the Indianapolis metro put 10 percent down instead of 20 percent, the required salary increases from $42,288.92 to $48,763.46.

Jacksonville

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $246,900

  •  Quarterly change: -0.24 percent
  •  Year-over-year change: +7.11 percent

Monthly payment:  $1,346.54

Salary:  $57,708.92

  •  Quarterly change: $971.21
  •  Year-over-year change: +0.13 percent

If homebuyers in the Jacksonville metro put 10 percent down instead of 20 percent, the required salary increases from $57,708.92 to $66,340.48.

Kansas City

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $204,000

  •  Quarterly change: -0.44 percent
  •  Year-over-year change: +5.26 percent

Monthly payment:  $1,155.40

Salary:  $49,516.98

  •  Quarterly change: $1,088.42
  •  Year-over-year change: +0.13 percent

If homebuyers in the Kansas City metro put 10 percent down instead of 20 percent, the required salary increases from $49,516.98 to $56,648.76.

Las Vegas

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $295,100

  •  Quarterly change: +0.17 percent
  •  Year-over-year change: +10.61 percent

Monthly payment:  $1,439.44

Salary:  $61,690.28

  •  Quarterly change: $1,390.58
  •  Year-over-year change: +0.19 percent

If homebuyers in the Las Vegas metro put 10 percent down instead of 20 percent, the required salary increases from $61,690.28 to $72,006.89.

Los Angeles

Mortgage rate:  4.98 percent

  • Quarterly change: +0.17 percent

Home price:  $576,100

  •  Quarterly change: -8.4 percent
  •  Year-over-year change: +4.12 percent

Monthly payment:  $2,873.64

Salary:  $123,156.01

  •  Quarterly change: -$6,389.94
  •  Year-over-year change: +0.15 percent

If homebuyers in the Los Angeles metro put 10 percent down instead of 20 percent, the required salary increases from $123,156.01 to $141,564.87.

Louisville

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $180,100

  •  Quarterly change: -2.54 percent
  •  Year-over-year change: +4.53 percent

Monthly payment:  $987.54

Salary:  $42,323.15

  •  Quarterly change: $215.11
  •  Year-over-year change: +0.13 percent

If homebuyers in the Louisville metro put 10 percent down instead of 20 percent, the required salary increases from $42,323.15 to $48,619.40.

Memphis

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $174,000

  •  Quarterly change: -3.65 percent
  •  Year-over-year change: +4.38 percent

Monthly payment:  $966.02

Salary:  $41,400.93

  •  Quarterly change: -$229.49
  •  Year-over-year change: +0.12 percent

If homebuyers in the Memphis metro put 10 percent down instead of 20 percent, the required salary increases from $41,400.93 to $47,483.92.

Miami

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $350,000

  •  Quarterly change: -1.41 percent
  •  Year-over-year change: +4.48 percent

Monthly payment:  $1,859.95

Salary:  $79,712.22

  •  Quarterly change: $802.57
  •  Year-over-year change: +0.12 percent

If homebuyers in the Miami metro put 10 percent down instead of 20 percent, the required salary increases from $79,712.22 to $91,948.12.

Milwaukee

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $243,800

  •  Quarterly change: -7.12 percent
  •  Year-over-year change: +4.05 percent

Monthly payment:  $1,424.88

Salary:  $61,066.27

  •  Quarterly change: -$2,249.92
  •  Year-over-year change: +0.11 percent

If homebuyers in the Milwaukee metro put 10 percent down instead of 20 percent, the required salary increases from $61,066.27 to $69,589.45.

Minneapolis

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $271,200

  •  Quarterly change: -1.2 percent
  •  Year-over-year change: +8.39 percent

Monthly payment:  $1,496.46

Salary:  $64,134.21

  •  Quarterly change: $1,011.67
  •  Year-over-year change: +0.16 percent

If homebuyers in the Minneapolis metro put 10 percent down instead of 20 percent, the required salary increases from $64,134.21 to $73,615.29.

Nashville

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $264,000

  •  Quarterly change: +0.53 percent
  •  Year-over-year change: +5.39 percent

Monthly payment:  $1,340.81

Salary:  $57,463.36

  •  Quarterly change: $1,750.84
  •  Year-over-year change: +0.14 percent

If homebuyers in the Nashville metro put 10 percent down instead of 20 percent, the required salary increases from $57,463.36 to $66,692.72.

New Orleans

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $206,600

  •  Quarterly change: -4.35 percent
  •  Year-over-year change: +3.3 percent

Monthly payment:  $1,143.69

Salary:  $49,015.08

  •  Quarterly change: -$349.26
  •  Year-over-year change: +0.12 percent

If homebuyers in the New Orleans metro put 10 percent down instead of 20 percent, the required salary increases from $49,015.08 to $56,237.76.

New York City

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $403,900

  •  Quarterly change: -5.67 percent
  •  Year-over-year change: +2.02 percent

Monthly payment:  $2,465.97

Salary:  $105,684.33

  •  Quarterly change: -$947.99
  •  Year-over-year change: +0.1 percent

If homebuyers in the New York City metro put 10 percent down instead of 20 percent, the required salary increases from $105,684.33 to $119,804.57.

Oklahoma City

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $161,000

  •  Quarterly change: -2.25 percent
  •  Year-over-year change: +5.3 percent

Monthly payment:  $964.49

Salary:  $41,335.41

  •  Quarterly change: $418.31
  •  Year-over-year change: +0.13 percent

If homebuyers in the Oklahoma City metro put 10 percent down instead of 20 percent, the required salary increases from $41,335.41 to $46,963.92.

Orlando

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $265,000

  •  Quarterly change: -0.38 percent
  •  Year-over-year change: +6 percent

Monthly payment:  $1,433.97

Salary:  $61,456.04

  •  Quarterly change: $911.06
  •  Year-over-year change: +0.12 percent

If homebuyers in the Orlando metro put 10 percent down instead of 20 percent, the required salary increases from $61,456.04 to $70,720.36.

Philadelphia

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $224,600

  •  Quarterly change: -6.65 percent
  •  Year-over-year change: +0 percent

Monthly payment:  $1,374.19

Salary:  $58,894.00

  •  Quarterly change: -$953.90
  •  Year-over-year change: +0.09 percent

If homebuyers in the Philadelphia metro put 10 percent down instead of 20 percent, the required salary increases from $58,894.00 to $66,745.95.

Phoenix

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $272,700

  •  Quarterly change: +0 percent
  •  Year-over-year change: +7.96 percent

Monthly payment:  $1,343.42

Salary:  $57,575.01

  •  Quarterly change: $1,343.60
  •  Year-over-year change: +0.17 percent

If homebuyers in the Phoenix metro put 10 percent down instead of 20 percent, the required salary increases from $57,575.01 to $67,108.53.

Pittsburgh

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $141,625

  •  Quarterly change: -8.63 percent
  •  Year-over-year change: +4.91 percent

Monthly payment:  $878.73

Salary:  $37,659.86

  •  Quarterly change: -$1,220.10
  •  Year-over-year change: +0.12 percent

If homebuyers in the Pittsburgh metro put 10 percent down instead of 20 percent, the required salary increases from $37,659.86 to $42,611.03.

Portland

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $389,000

  •  Quarterly change: -2.58 percent
  •  Year-over-year change: +2.26 percent

Monthly payment:  $1,987.37

Salary:  $85,173.08

  •  Quarterly change: $938.05
  •  Year-over-year change: +0.12 percent

If homebuyers in the Portland metro put 10 percent down instead of 20 percent, the required salary increases from $85,173.08 to $98,772.41.

Providence

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $294,200

  •  Quarterly change: -3.64 percent
  •  Year-over-year change: +5.56 percent

Monthly payment:  $1,736.72

Salary:  $74,430.80

  •  Quarterly change: $169.22
  •  Year-over-year change: +0.13 percent

If homebuyers in the Providence metro put 10 percent down instead of 20 percent, the required salary increases from $74,430.80 to $84,715.95.

Raleigh

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $276,900

  •  Quarterly change: -3.79 percent
  •  Year-over-year change: +4.89 percent

Monthly payment:  $1,430.08

Salary:  $61,289.26

  •  Quarterly change: -$199.10
  •  Year-over-year change: +0.14 percent

If homebuyers in the Raleigh metro put 10 percent down instead of 20 percent, the required salary increases from $61,289.26 to $70,969.60.

Richmond

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $256,500

  •  Quarterly change: -4.29 percent
  •  Year-over-year change: +4.69 percent

Monthly payment:  $1,319.80

Salary:  $56,562.92

  •  Quarterly change: -$719.43
  •  Year-over-year change: +0.13 percent

If homebuyers in the Richmond metro put 10 percent down instead of 20 percent, the required salary increases from $56,562.92 to $65,530.09.

Riverside/San Bernardino

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $360,000

  •  Quarterly change: -0.69 percent
  •  Year-over-year change: +5.88 percent

Monthly payment:  $1,832.41

Salary:  $78,531.85

  •  Quarterly change: $2,057.97
  •  Year-over-year change: +0.15 percent

If homebuyers in the Riverside/San Bernardino metro put 10 percent down instead of 20 percent, the required salary increases from $78,531.85 to $91,117.35.

Sacramento

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $363,000

  •  Quarterly change: -1.89 percent
  •  Year-over-year change: +3.74 percent

Monthly payment:  $1,890.71

Salary:  $81,030.42

  •  Quarterly change: $1,285.15
  •  Year-over-year change: +0.13 percent

If homebuyers in the Sacramento metro put 10 percent down instead of 20 percent, the required salary increases from $81,030.42 to $93,720.80.

Salt Lake City

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $341,000

  •  Quarterly change: +5.8 percent
  •  Year-over-year change: +8.91 percent

Monthly payment:  $1,654.82

Salary:  $70,920.97

  •  Quarterly change: $5,158.55
  •  Year-over-year change: +0.18 percent

If homebuyers in the Salt Lake City metro put 10 percent down instead of 20 percent, the required salary increases from $70,920.97 to $82,842.24.

San Antonio

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $229,100

  •  Quarterly change: -1.16 percent
  •  Year-over-year change: +5.19 percent

Monthly payment:  $1,384.02

Salary:  $59,315.21

  •  Quarterly change: $1,080.31
  •  Year-over-year change: +0.12 percent

If homebuyers in the San Antonio metro put 10 percent down instead of 20 percent, the required salary increases from $59,315.21 to $67,324.49.

San Diego

Mortgage rate:  4.98 percent

  • Quarterly change: +0.17 percent

Home price:  $626,000

  •  Quarterly change: -3.69 percent
  •  Year-over-year change: +2.62 percent

Monthly payment:  $3,071.62

Salary:  $131,640.79

  •  Quarterly change: -$780.11
  •  Year-over-year change: +0.12 percent

If homebuyers in the San Diego metro put 10 percent down instead of 20 percent, the required salary increases from $131,640.79 to $153,656.31.

San Francisco

Mortgage rate:  4.98 percent

  • Quarterly change: +0.17 percent

Home price:  $952,200

  •  Quarterly change: -3.72 percent
  •  Year-over-year change: +3.5 percent

Monthly payment:  $4,642.82

Salary:  $198,978.01

  •  Quarterly change: -$1,047.84
  •  Year-over-year change: +0.13 percent

If homebuyers in the San Francisco metro put 10 percent down instead of 20 percent, the required salary increases from $198,978.01 to $229,404.88.

San Jose

Mortgage rate:  4.98 percent

  • Quarterly change: +0.17 percent

Home price:  $1,250,000

  •  Quarterly change: -3.85 percent
  •  Year-over-year change: -1.57 percent

Monthly payment:  $5,946.17

Salary:  $254,835.73

  •  Quarterly change: -$2,041.77
  •  Year-over-year change: +0.08 percent

If homebuyers in the San Jose metro put 10 percent down instead of 20 percent, the required salary increases from $254,835.73 to $294,778.59.

Seattle

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $489,600

  •  Quarterly change: -2.63 percent
  •  Year-over-year change: +3.79 percent

Monthly payment:  $2,458.58

Salary:  $105,367.89

  •  Quarterly change: $649.94
  •  Year-over-year change: +0.14 percent

If homebuyers in the Seattle metro put 10 percent down instead of 20 percent, the required salary increases from $105,367.89 to $122,484.17.

St Louis

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $174,100

  •  Quarterly change: -4.34 percent
  •  Year-over-year change: +4.44 percent

Monthly payment:  $1,031.70

Salary:  $44,215.56

  •  Quarterly change: -$199.24
  •  Year-over-year change: +0.12 percent

If homebuyers in the St Louis metro put 10 percent down instead of 20 percent, the required salary increases from $44,215.56 to $50,302.04.

Tampa

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $235,000

  •  Quarterly change: -0.42 percent
  •  Year-over-year change: +5.38 percent

Monthly payment:  $1,285.77

Salary:  $55,104.27

  •  Quarterly change: $809.11
  •  Year-over-year change: +0.12 percent

If homebuyers in the Tampa metro put 10 percent down instead of 20 percent, the required salary increases from $55,104.27 to $63,319.81.

Virginia Beach

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $224,000

  •  Quarterly change: -4.68 percent
  •  Year-over-year change: +1.82 percent

Monthly payment:  $1,212.06

Salary:  $51,945.53

  •  Quarterly change: -$682.73
  •  Year-over-year change: +0.1 percent

If homebuyers in the Virginia Beach metro put 10 percent down instead of 20 percent, the required salary increases from $51,945.53 to $59,776.51.

Washington, D.C.

Mortgage rate:  4.90 percent

  • Quarterly change: +0.21 percent

Home price:  $417,400

  •  Quarterly change: -2.02 percent
  •  Year-over-year change: +5.11 percent

Monthly payment:  $2,202.87

Salary:  $94,408.70

  •  Quarterly change: $1,027.84
  •  Year-over-year change: +0.14 percent

If homebuyers in the Washington, D.C. metro put 10 percent down instead of 20 percent, the required salary increases from $94,408.70 to $109,000.88.

Alaska

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 National Association of Realtors 2018 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 2013-2017 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 may 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 740 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.

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National data and all 50 metros, sorted alphabetically

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?

Metro Area30-Year Fixed Mortgage Rate% Change from 3Q18Median
Home
Price
% Change from 3Q18Monthly Payment (PITI)Salary Needed
National4.90%+0.21%$257,600-3.34%$1,433.91$61,453.51
Atlanta4.90%+0.21%$216,100-3.57%$1,162.94$49,840.16
Austin4.90%+0.21%$310,400-2.45%$1,859.40$79,688.61
Baltimore4.90%+0.21%$280,200-6.88%$1,550.39$66,445.35
Birmingham4.90%+0.21%$202,300-5.20%$1,040.51$44,593.35
Boston4.90%+0.21%$460,300-6.33%$2,491.76$106,789.93
Buffalo4.90%+0.21%$154,200-5.46%$1,066.29$45,698.05
Charlotte4.90%+0.21%$235,400-3.92%$1,226.30$52,555.63
Chicago4.90%+0.21%$243,300-8.29%$1,540.42$66,018.14
Cincinnati4.90%+0.21%$169,400-5.42%$1,013.37$43,429.97
Cleveland4.90%+0.21%$150,100-6.07%$943.55$40,437.72
Columbus4.90%+0.21%$200,000-3.66%$1,164.58$49,910.55
Dallas4.90%+0.21%$254,900-2.75%$1,537.26$65,882.49
Denver4.90%+0.21%$438,300-2.62%$2,139.02$91,672.45
Detroit4.90%+0.21%$186,317-4.14%$1,092.07$46,802.89
Hartford4.90%+0.21%$226,900-7.08%$1,522.63$65,255.37
Houston4.90%+0.21%$237,900-0.96%$1,455.91$62,396.25
Indianapolis4.90%+0.21%$185,200-1.96%$986.74$42,288.92
Jacksonville4.90%+0.21%$246,900-0.24%$1,346.54$57,708.92
Kansas City4.90%+0.21%$204,000-0.44%$1,155.40$49,516.98
Las Vegas4.90%+0.21%$295,100+0.17%$1,439.44$61,690.28
Los Angeles4.98%+0.17%$576,100-8.40%$2,873.64$123,156.01
Louisville4.90%+0.21%$180,100-2.54%$987.54$42,323.15
Memphis4.90%+0.21%$174,000-3.65%$966.02$41,400.93
Miami4.90%+0.21%$350,000-1.41%$1,859.95$79,712.22
Milwaukee4.90%+0.21%$243,800-7.12%$1,424.88$61,066.27
Minneapolis4.90%+0.21%$271,200-1.20%$1,496.46$64,134.21
Nashville4.90%+0.21%$264,000+0.53%$1,340.81$57,463.36
New Orleans4.90%+0.21%$206,600-4.35%$1,143.69$49,015.08
New York City4.90%+0.21%$403,900-5.67%$2,465.97$105,684.33
Oklahoma City4.90%+0.21%$161,000-2.25%$964.49$41,335.41
Orlando4.90%+0.21%$265,000-0.38%$1,433.97$61,456.04
Philadelphia4.90%+0.21%$224,600-6.65%$1,374.19$58,894.00
Phoenix4.90%+0.21%$272,700+0.00%$1,343.42$57,575.01
Pittsburgh4.90%+0.21%$141,625-8.63%$878.73$37,659.86
Portland4.90%+0.21%$389,000-2.58%$1,987.37$85,173.08
Providence4.90%+0.21%$294,200-3.64%$1,736.72$74,430.80
Raleigh4.90%+0.21%$276,900-3.79%$1,430.08$61,289.26
Richmond4.90%+0.21%$256,500-4.29%$1,319.80$56,562.92
Riverside/San Bernardino4.90%+0.21%$360,000-0.69%$1,832.41$78,531.85
Sacramento4.90%+0.21%$363,000-1.89%$1,890.71$81,030.42
Salt Lake City4.90%+0.21%$341,000+5.80%$1,654.82$70,920.97
San Antonio4.90%+0.21%$229,100-1.16%$1,384.02$59,315.21
San Diego4.98%+0.17%$626,000-3.69%$3,071.62$131,640.79
San Francisco4.98%+0.17%$952,200-3.72%$4,642.82$198,978.01
San Jose4.98%+0.17%$1,250,000-3.85%$5,946.17$254,835.73
Seattle4.90%+0.21%$489,600-2.63%$2,458.58$105,367.89
St Louis4.90%+0.21%$174,100-4.34%$1,031.70$44,215.56
Tampa4.90%+0.21%$235,000-0.42%$1,285.77$55,104.27
Virginia Beach4.90%+0.21%$224,000-4.68%$1,212.06$51,945.53
Washington, D.C.4.90%+0.21%$417,400-2.02%$2,202.87$94,408.70

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