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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:
Affordability in many metro areas continues to be pinched, with rising mortgage rates and home prices combining to drive income requirements ever higher. Wide quarter-to-quarter swings in prices are common, most notably when coming out the slower winter months of the first quarter into the traditional "spring homebuying season" of the second, and we certainly saw these, with 20 of the nation's 50 largest metro areas posting double digit quarter-to-quarter increases.

Annual price changes remain the benchmark, though, and there was a wide disparity in outcomes, from slight year-over-year price declines in three markets more than offset with double-digit gains in eight. Across all 50 markets we track, the median increase in existing home prices was 6.55%; compared against the same period last year, and factoring available tax and insurance costs, you'll need to have seen a median increase in income of 10.58% just to keep pace. Nationally, taking all markets for which the NAR provides data those figures show a 5.32% rise in prices and a 9.61% gain in income needed to cover the increase.

You've probably heard about skyrocketing prices in places like Seattle, San Jose, San Francisco and Denver, but it might surprise you to see double-digit annual gains in places like Atlanta, Indianapolis, Las Vegas and Memphis.

Prices are rising because there continues to be solid demand among limited supply of existing homes to buy. Lawrence Yun, NAR chief economist, noted “The ongoing supply crunch affecting much of the country worsened for most of the second quarter, as the growing number of interested buyers in many markets overwhelmed what was already a meager level of available listings,” he said. “With not enough homes for sale, multiple bids caused prices to rise briskly and further out of the reach of some prospective buyers.”

“Solid economic growth, a healthy labor market and the large millennial population should be driving home sales much higher,” said Yun. “As long as economic conditions maintain current levels, there’s still a chance for sales to break out this year. However, with mortgage rates trending higher, it will only happen if supply levels improve enough to cool the speedy price growth in a majority of the country.”

Supplies are improving of late, though. The NAR reported that in June, inventories of available homes rose by 0.5%, the first such actual increase in listings in three years; coupled with a generally softer sales pace of late, there are now 4.3 months of homes available, up from 3.2 months as recently as December 2017. How much more inventory is needed to begin to materially cool prices is unclear.

Of course, a combination of higher prices and higher mortgage rates further crimping affordability would eventually suppress demand, too. This in turn could lead to lower prices at some point, but we don't appear to be at or perhaps even near that point at the moment.

Expensive and competitive housing markets means that homebuyers of more modest means can be at a considerable disadvantage. If you're struggling to try to buy a home in these conditions, you might check out our state-by-state Homebuyer Assistance pages, where you'll find state-backed entities that may be able to help you with lower cost financing and loans or grants to cover down payment and closing costs.

 

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 first-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.

In the commentary section 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:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $269,000

  •  Quarterly change: +9.66 percent
  •  Year-over-year change: +5.32 percent

Monthly payment:  $1,435.52

Salary:  $61,522.46

  •  Quarterly change: $5,446.62
  •  Year-over-year change: +9.61 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 $71,018.96

Atlanta

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $228,800

  •  Quarterly change: +11.88 percent
  •  Year-over-year change: +11.66 percent

Monthly payment:  $1,181.34

Salary:  $50,628.68

  •  Quarterly change: $5,344.61
  •  Year-over-year change: +15.34 percent

If homebuyers in the Atlanta metro put 10 percent down instead of 20 percent, the required salary increases from $50,628.68 to $58,706.00.

Austin

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $330,200

  •  Quarterly change: +11.4 percent
  •  Year-over-year change: +7.21 percent

Monthly payment:  $1,807.56

Salary:  $77,466.72

  •  Quarterly change: $7,495.05
  •  Year-over-year change: +10.74 percent

If homebuyers in the Austin metro put 10 percent down instead of 20 percent, the required salary increases from $77,466.72 to $89,123.77.

Baltimore

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $297,200

  •  Quarterly change: +17.15 percent
  •  Year-over-year change: +7.29 percent

Monthly payment:  $1,575.74

Salary:  $67,531.59

  •  Quarterly change: $8,994.00
  •  Year-over-year change: +11.2 percent

If homebuyers in the Baltimore metro put 10 percent down instead of 20 percent, the required salary increases from $67,531.59 to $78,023.63.

Birmingham

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $214,800

  •  Quarterly change: +10.78 percent
  •  Year-over-year change: +4.22 percent

Monthly payment:  $1,064.35

Salary:  $45,615.03

  •  Quarterly change: $4,688.73
  •  Year-over-year change: +9.34 percent

If homebuyers in the Birmingham metro put 10 percent down instead of 20 percent, the required salary increases from $45,615.03 to $53,198.11.

Boston

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $495,900

  •  Quarterly change: +12.02 percent
  •  Year-over-year change: +6.67 percent

Monthly payment:  $2,552.93

Salary:  $109,411.27

  •  Quarterly change: $11,675.37
  •  Year-over-year change: +11.06 percent

If homebuyers in the Boston metro put 10 percent down instead of 20 percent, the required salary increases from $109,411.27 to $126,918.03.

Buffalo

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $149,100

  •  Quarterly change: +7.73 percent
  •  Year-over-year change: +6.5 percent

Monthly payment:  $1,010.43

Salary:  $43,304.29

  •  Quarterly change: $2,600.14
  •  Year-over-year change: +8.19 percent

If homebuyers in the Buffalo metro put 10 percent down instead of 20 percent, the required salary increases from $43,304.29 to $48,567.97.

Charlotte

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $252,400

  •  Quarterly change: +11.48 percent
  •  Year-over-year change: +7.73 percent

Monthly payment:  $1,259.80

Salary:  $53,991.48

  •  Quarterly change: $5,757.26
  •  Year-over-year change: +12.22 percent

If homebuyers in the Charlotte metro put 10 percent down instead of 20 percent, the required salary increases from $53,991.48 to $62,901.95.

Chicago

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $275,100

  •  Quarterly change: +13.63 percent
  •  Year-over-year change: +4.09 percent

Monthly payment:  $1,626.30

Salary:  $69,698.56

  •  Quarterly change: $7,076.35
  •  Year-over-year change: +7.76 percent

If homebuyers in the Chicago metro put 10 percent down instead of 20 percent, the required salary increases from $69,698.56 to $79,410.41.

Cincinnati

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $183,900

  •  Quarterly change: +16.91 percent
  •  Year-over-year change: +9.07 percent

Monthly payment:  $1,040.90

Salary:  $44,610.16

  •  Quarterly change: $5,510.82
  •  Year-over-year change: +11.67 percent

If homebuyers in the Cincinnati metro put 10 percent down instead of 20 percent, the required salary increases from $44,610.16 to $51,102.38.

Cleveland

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $153,200

  •  Quarterly change: +14.76 percent
  •  Year-over-year change: +5.8 percent

Monthly payment:  $927.03

Salary:  $39,729.97

  •  Quarterly change: $4,168.09
  •  Year-over-year change: +8.69 percent

If homebuyers in the Cleveland metro put 10 percent down instead of 20 percent, the required salary increases from $39,729.97 to $45,138.39.

Columbus

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $208,600

  •  Quarterly change: +12.7 percent
  •  Year-over-year change: +5.51 percent

Monthly payment:  $1,162.91

Salary:  $49,839.09

  •  Quarterly change: $5,104.01
  •  Year-over-year change: +9.22 percent

If homebuyers in the Columbus metro put 10 percent down instead of 20 percent, the required salary increases from $49,839.09 to $57,203.29.

Dallas

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $268,200

  •  Quarterly change: +6.98 percent
  •  Year-over-year change: +5.09 percent

Monthly payment:  $1,547.89

Salary:  $66,338.01

  •  Quarterly change: $4,376.81
  •  Year-over-year change: +8.68 percent

If homebuyers in the Dallas metro put 10 percent down instead of 20 percent, the required salary increases from $66,338.01 to $75,806.27.

Denver

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $462,900

  •  Quarterly change: +4.85 percent
  •  Year-over-year change: +9.05 percent

Monthly payment:  $2,176.14

Salary:  $93,263.28

  •  Quarterly change: $6,040.79
  •  Year-over-year change: +14.64 percent

If homebuyers in the Denver metro put 10 percent down instead of 20 percent, the required salary increases from $93,263.28 to $109,605.04.

Detroit

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $190,950

  •  Quarterly change: +8.98 percent
  •  Year-over-year change: +6.36 percent

Monthly payment:  $1,079.94

Salary:  $46,282.97

  •  Quarterly change: $3,678.33
  •  Year-over-year change: +9.91 percent

If homebuyers in the Detroit metro put 10 percent down instead of 20 percent, the required salary increases from $46,282.97 to $53,024.08.

Hartford

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $239,400

  •  Quarterly change: +8.03 percent
  •  Year-over-year change: +0.17 percent

Monthly payment:  $1,519.70

Salary:  $65,129.83

  •  Quarterly change: $4,281.40
  •  Year-over-year change: +4.82 percent

If homebuyers in the Hartford metro put 10 percent down instead of 20 percent, the required salary increases from $65,129.83 to $73,581.36.

Houston

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $244,400

  •  Quarterly change: +6.35 percent
  •  Year-over-year change: +3.74 percent

Monthly payment:  $1,439.26

Salary:  $61,682.66

  •  Quarterly change: $3,756.86
  •  Year-over-year change: +7.56 percent

If homebuyers in the Houston metro put 10 percent down instead of 20 percent, the required salary increases from $61,682.66 to $70,310.71.

Indianapolis

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $194,100

  •  Quarterly change: +10.22 percent
  •  Year-over-year change: +10.16 percent

Monthly payment:  $996.28

Salary:  $42,697.65

  •  Quarterly change: $4,084.60
  •  Year-over-year change: +14.08 percent

If homebuyers in the Indianapolis metro put 10 percent down instead of 20 percent, the required salary increases from $42,697.65 to $49,549.96.

Jacksonville

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $250,000

  •  Quarterly change: +3.95 percent
  •  Year-over-year change: +7.53 percent

Monthly payment:  $1,330.64

Salary:  $57,027.41

  •  Quarterly change: $2,908.79
  •  Year-over-year change: +10.6 percent

If homebuyers in the Jacksonville metro put 10 percent down instead of 20 percent, the required salary increases from $57,027.41 to $65,853.15.

Kansas City

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $215,000

  •  Quarterly change: +8.75 percent
  •  Year-over-year change: +6.59 percent

Monthly payment:  $1,168.76

Salary:  $50,089.71

  •  Quarterly change: $4,070.94
  •  Year-over-year change: +10.58 percent

If homebuyers in the Kansas City metro put 10 percent down instead of 20 percent, the required salary increases from $50,089.71 to $57,679.85.

Las Vegas

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $291,400

  •  Quarterly change: +7.85 percent
  •  Year-over-year change: +15.41 percent

Monthly payment:  $1,389.53

Salary:  $59,551.44

  •  Quarterly change: $5,131.21
  •  Year-over-year change: +19.73 percent

If homebuyers in the Las Vegas metro put 10 percent down instead of 20 percent, the required salary increases from $59,551.44 to $69,838.73.

Los Angeles

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $557,200

  •  Quarterly change: +2.14 percent
  •  Year-over-year change: +8.36 percent

Monthly payment:  $2,681.18

Salary:  $114,907.52

  •  Quarterly change: $4,854.68
  •  Year-over-year change: +13.17 percent

If homebuyers in the Los Angeles metro put 10 percent down instead of 20 percent, the required salary increases from $114,907.52 to $135,652.94.

Louisville

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $183,900

  •  Quarterly change: +7.92 percent
  •  Year-over-year change: +4.07 percent

Monthly payment:  $976.14

Salary:  $41,834.66

  •  Quarterly change: $3,259.03
  •  Year-over-year change: +8.79 percent

If homebuyers in the Louisville metro put 10 percent down instead of 20 percent, the required salary increases from $41,834.66 to $48,326.88.

Memphis

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $189,100

  •  Quarterly change: +15.09 percent
  •  Year-over-year change: +10.26 percent

Monthly payment:  $1,003.88

Salary:  $43,023.39

  •  Quarterly change: $5,227.95
  •  Year-over-year change: +13.33 percent

If homebuyers in the Memphis metro put 10 percent down instead of 20 percent, the required salary increases from $43,023.39 to $49,699.19.

Miami

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $353,000

  •  Quarterly change: +3.82 percent
  •  Year-over-year change: +5.37 percent

Monthly payment:  $1,827.85

Salary:  $78,336.50

  •  Quarterly change: $4,036.05
  •  Year-over-year change: +9.34 percent

If homebuyers in the Miami metro put 10 percent down instead of 20 percent, the required salary increases from $78,336.50 to $90,798.45.

Milwaukee

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $256,900

  •  Quarterly change: +13.57 percent
  •  Year-over-year change: +4.05 percent

Monthly payment:  $1,450.47

Salary:  $62,162.96

  •  Quarterly change: $6,588.12
  •  Year-over-year change: +8.27 percent

If homebuyers in the Milwaukee metro put 10 percent down instead of 20 percent, the required salary increases from $62,162.96 to $71,232.30.

Minneapolis

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $280,200

  •  Quarterly change: +7.6 percent
  •  Year-over-year change: +8.19 percent

Monthly payment:  $1,492.45

Salary:  $63,961.95

  •  Quarterly change: $4,833.40
  •  Year-over-year change: +12.3 percent

If homebuyers in the Minneapolis metro put 10 percent down instead of 20 percent, the required salary increases from $63,961.95 to $73,853.85.

Nashville

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $263,200

  •  Quarterly change: +4.32 percent
  •  Year-over-year change: +5.92 percent

Monthly payment:  $1,298.65

Salary:  $55,656.60

  •  Quarterly change: $3,216.80
  •  Year-over-year change: +10.75 percent

If homebuyers in the Nashville metro put 10 percent down instead of 20 percent, the required salary increases from $55,656.60 to $64,948.35.

New Orleans

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $216,100

  •  Quarterly change: +10.54 percent
  •  Year-over-year change: +6.98 percent

Monthly payment:  $1,149.14

Salary:  $49,248.69

  •  Quarterly change: $4,643.79
  •  Year-over-year change: +11.54 percent

If homebuyers in the New Orleans metro put 10 percent down instead of 20 percent, the required salary increases from $49,248.69 to $56,877.67.

New York City

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $410,500

  •  Quarterly change: +5.34 percent
  •  Year-over-year change: -0.85 percent

Monthly payment:  $2,408.82

Salary:  $103,235.16

  •  Quarterly change: $5,670.25
  •  Year-over-year change: +4.13 percent

If homebuyers in the New York City metro put 10 percent down instead of 20 percent, the required salary increases from $103,235.16 to $117,727.04.

Oklahoma City

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $164,500

  •  Quarterly change: +11.45 percent
  •  Year-over-year change: +2.68 percent

Monthly payment:  $951.53

Salary:  $40,780.02

  •  Quarterly change: $3,744.46
  •  Year-over-year change: +7.73 percent

If homebuyers in the Oklahoma City metro put 10 percent down instead of 20 percent, the required salary increases from $40,780.02 to $46,587.36.

Orlando

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $269,000

  •  Quarterly change: +5.49 percent
  •  Year-over-year change: +9.8 percent

Monthly payment:  $1,421.27

Salary:  $60,911.75

  •  Quarterly change: $3,779.27
  •  Year-over-year change: +12.47 percent

If homebuyers in the Orlando metro put 10 percent down instead of 20 percent, the required salary increases from $60,911.75 to $70,408.25.

Philadelphia

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $236,100

  •  Quarterly change: +15 percent
  •  Year-over-year change: -1.25 percent

Monthly payment:  $1,374.40

Salary:  $58,902.89

  •  Quarterly change: $6,499.16
  •  Year-over-year change: +3.88 percent

If homebuyers in the Philadelphia metro put 10 percent down instead of 20 percent, the required salary increases from $58,902.89 to $67,237.92.

Phoenix

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $272,000

  •  Quarterly change: +4.17 percent
  •  Year-over-year change: +9.99 percent

Monthly payment:  $1,305.25

Salary:  $55,939.16

  •  Quarterly change: $3,261.71
  •  Year-over-year change: +14.97 percent

If homebuyers in the Phoenix metro put 10 percent down instead of 20 percent, the required salary increases from $55,939.16 to $65,541.57.

Pittsburgh

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $152,000

  •  Quarterly change: +12.59 percent
  •  Year-over-year change: +4.83 percent

Monthly payment:  $892.58

Salary:  $38,253.29

  •  Quarterly change: $3,697.86
  •  Year-over-year change: +8.28 percent

If homebuyers in the Pittsburgh metro put 10 percent down instead of 20 percent, the required salary increases from $38,253.29 to $43,619.35.

Portland

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $407,100

  •  Quarterly change: +5.8 percent
  •  Year-over-year change: +4.63 percent

Monthly payment:  $1,991.95

Salary:  $85,369.09

  •  Quarterly change: $5,910.74
  •  Year-over-year change: +10 percent

If homebuyers in the Portland metro put 10 percent down instead of 20 percent, the required salary increases from $85,369.09 to $99,740.93.

Providence

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $294,700

  •  Quarterly change: +9.23 percent
  •  Year-over-year change: +5.1 percent

Monthly payment:  $1,684.60

Salary:  $72,196.96

  •  Quarterly change: $5,784.05
  •  Year-over-year change: +8.77 percent

If homebuyers in the Providence metro put 10 percent down instead of 20 percent, the required salary increases from $72,196.96 to $82,600.75.

Raleigh

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $290,600

  •  Quarterly change: +5.94 percent
  •  Year-over-year change: +4.42 percent

Monthly payment:  $1,442.15

Salary:  $61,806.27

  •  Quarterly change: $4,284.85
  •  Year-over-year change: +9.46 percent

If homebuyers in the Raleigh metro put 10 percent down instead of 20 percent, the required salary increases from $61,806.27 to $72,065.32.

Richmond

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $267,000

  •  Quarterly change: +5.53 percent
  •  Year-over-year change: +5.12 percent

Monthly payment:  $1,328.60

Salary:  $56,939.90

  •  Quarterly change: $3,769.06
  •  Year-over-year change: +9.9 percent

If homebuyers in the Richmond metro put 10 percent down instead of 20 percent, the required salary increases from $56,939.90 to $66,365.80.

Riverside/San Bernardino

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $360,000

  •  Quarterly change: +2.86 percent
  •  Year-over-year change: +5.66 percent

Monthly payment:  $1,768.84

Salary:  $75,807.61

  •  Quarterly change: $3,556.10
  •  Year-over-year change: +10.58 percent

If homebuyers in the Riverside/San Bernardino metro put 10 percent down instead of 20 percent, the required salary increases from $75,807.61 to $88,516.68.

Sacramento

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $374,000

  •  Quarterly change: +5.35 percent
  •  Year-over-year change: +10 percent

Monthly payment:  $1,871.91

Salary:  $80,224.83

  •  Quarterly change: $5,174.57
  •  Year-over-year change: +13.99 percent

If homebuyers in the Sacramento metro put 10 percent down instead of 20 percent, the required salary increases from $80,224.83 to $93,428.15.

Salt Lake City

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $331,600

  •  Quarterly change: +2.98 percent
  •  Year-over-year change: +8.47 percent

Monthly payment:  $1,568.22

Salary:  $67,209.51

  •  Quarterly change: $3,342.41
  •  Year-over-year change: +13.75 percent

If homebuyers in the Salt Lake City metro put 10 percent down instead of 20 percent, the required salary increases from $67,209.51 to $78,915.98.

San Antonio

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $230,300

  •  Quarterly change: +5.21 percent
  •  Year-over-year change: +3.46 percent

Monthly payment:  $1,349.28

Salary:  $57,826.31

  •  Quarterly change: $3,134.85
  •  Year-over-year change: +7.43 percent

If homebuyers in the San Antonio metro put 10 percent down instead of 20 percent, the required salary increases from $57,826.31 to $65,956.59.

San Diego

Mortgage rate:  4.77 percent

  • Quarterly change: +0.24 percent

Home price:  $645,000

  •  Quarterly change: +5.74 percent
  •  Year-over-year change: +6.61 percent

Monthly payment:  $3,056.34

Salary:  $130,986.05

  •  Quarterly change: $9,282.58
  •  Year-over-year change: +12.07 percent

If homebuyers in the San Diego metro put 10 percent down instead of 20 percent, the required salary increases from $130,986.05 to $155,183.33.

San Francisco

Mortgage rate:  4.77 percent

  • Quarterly change: +0.24 percent

Home price:  $1,070,000

  •  Quarterly change: +16.68 percent
  •  Year-over-year change: +12.63 percent

Monthly payment:  $4,986.96

Salary:  $213,726.86

  •  Quarterly change: $31,949.78
  •  Year-over-year change: +17.86 percent

If homebuyers in the San Francisco metro put 10 percent down instead of 20 percent, the required salary increases from $213,726.86 to $253,868.08.

San Jose

Mortgage rate:  4.77 percent

  • Quarterly change: +0.24 percent

Home price:  $1,405,000

  •  Quarterly change: +2.33 percent
  •  Year-over-year change: +18.73 percent

Monthly payment:  $6,407.87

Salary:  $274,623.19

  •  Quarterly change: $12,507.68
  •  Year-over-year change: +24.06 percent

If homebuyers in the San Jose metro put 10 percent down instead of 20 percent, the required salary increases from $274,623.19 to $327,331.98.

Seattle

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $530,300

  •  Quarterly change: +9.48 percent
  •  Year-over-year change: +11.55 percent

Monthly payment:  $2,549.75

Salary:  $109,274.91

  •  Quarterly change: $10,596.11
  •  Year-over-year change: +16.43 percent

If homebuyers in the Seattle metro put 10 percent down instead of 20 percent, the required salary increases from $109,274.91 to $129,018.81.

St Louis

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $185,700

  •  Quarterly change: +14.35 percent
  •  Year-over-year change: +6.72 percent

Monthly payment:  $1,049.00

Salary:  $44,957.32

  •  Quarterly change: $4,952.76
  •  Year-over-year change: +10.3 percent

If homebuyers in the St Louis metro put 10 percent down instead of 20 percent, the required salary increases from $44,957.32 to $51,513.09.

Tampa

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $238,700

  •  Quarterly change: +6.09 percent
  •  Year-over-year change: +8.4 percent

Monthly payment:  $1,274.64

Salary:  $54,627.36

  •  Quarterly change: $3,573.07
  •  Year-over-year change: +11.2 percent

If homebuyers in the Tampa metro put 10 percent down instead of 20 percent, the required salary increases from $54,627.36 to $63,054.18.

Virginia Beach

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $235,000

  •  Quarterly change: +7.8 percent
  •  Year-over-year change: -2.04 percent

Monthly payment:  $1,224.61

Salary:  $52,483.19

  •  Quarterly change: $4,121.43
  •  Year-over-year change: +3.56 percent

If homebuyers in the Virginia Beach metro put 10 percent down instead of 20 percent, the required salary increases from $52,483.19 to $60,779.39.

Washington, D.C.

Mortgage rate:  4.66 percent

  • Quarterly change: +0.25 percent

Home price:  $443,100

  •  Quarterly change: +12.35 percent
  •  Year-over-year change: +3.36 percent

Monthly payment:  $2,243.37

Salary:  $96,144.49

  •  Quarterly change: $10,632.40
  •  Year-over-year change: +8.44 percent

If homebuyers in the Washington, D.C. metro put 10 percent down instead of 20 percent, the required salary increases from $96,144.49 to $111,787.25.

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 second-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 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 1Q18Median
Home
Price
% Change from 1Q18Monthly Payment (PITI)Salary Needed
National4.66%+0.25%$269,000+9.66%$1,435.52$61,522.46
Atlanta4.66%+0.25%$228,800+11.88%$1,181.34$50,628.68
Austin4.66%+0.25%$330,200+11.40%$1,807.56$77,466.72
Baltimore4.66%+0.25%$297,200+17.15%$1,575.74$67,531.59
Birmingham4.66%+0.25%$214,800+10.78%$1,064.35$45,615.03
Boston4.66%+0.25%$495,900+12.02%$2,552.93$109,411.27
Buffalo4.66%+0.25%$149,100+7.73%$1,010.43$43,304.29
Charlotte4.66%+0.25%$252,400+11.48%$1,259.80$53,991.48
Chicago4.66%+0.25%$275,100+13.63%$1,626.30$69,698.56
Cincinnati4.66%+0.25%$183,900+16.91%$1,040.90$44,610.16
Cleveland4.66%+0.25%$153,200+14.76%$927.03$39,729.97
Columbus4.66%+0.25%$208,600+12.70%$1,162.91$49,839.09
Dallas4.66%+0.25%$268,200+6.98%$1,547.89$66,338.01
Denver4.66%+0.25%$462,900+4.85%$2,176.14$93,263.28
Detroit4.66%+0.25%$190,950+8.98%$1,079.94$46,282.97
Hartford4.66%+0.25%$239,400+8.03%$1,519.70$65,129.83
Houston4.66%+0.25%$244,400+6.35%$1,439.26$61,682.66
Indianapolis4.66%+0.25%$194,100+10.22%$996.28$42,697.65
Jacksonville4.66%+0.25%$250,000+3.95%$1,330.64$57,027.41
Kansas City4.66%+0.25%$215,000+8.75%$1,168.76$50,089.71
Las Vegas4.66%+0.25%$291,400+7.85%$1,389.53$59,551.44
Los Angeles4.66%+0.25%$557,200+2.14%$2,681.18$114,907.52
Louisville4.66%+0.25%$183,900+7.92%$976.14$41,834.66
Memphis4.66%+0.25%$189,100+15.09%$1,003.88$43,023.39
Miami4.66%+0.25%$353,000+3.82%$1,827.85$78,336.50
Milwaukee4.66%+0.25%$256,900+13.57%$1,450.47$62,162.96
Minneapolis4.66%+0.25%$280,200+7.60%$1,492.45$63,961.95
Nashville4.66%+0.25%$263,200+4.32%$1,298.65$55,656.60
New Orleans4.66%+0.25%$216,100+10.54%$1,149.14$49,248.69
New York City4.66%+0.25%$410,500+5.34%$2,408.82$103,235.16
Oklahoma City4.66%+0.25%$164,500+11.45%$951.53$40,780.02
Orlando4.66%+0.25%$269,000+5.49%$1,421.27$60,911.75
Philadelphia4.66%+0.25%$236,100+15.00%$1,374.40$58,902.89
Phoenix4.66%+0.25%$272,000+4.17%$1,305.25$55,939.16
Pittsburgh4.66%+0.25%$152,000+12.59%$892.58$38,253.29
Portland4.66%+0.25%$407,100+5.80%$1,991.95$85,369.09
Providence4.66%+0.25%$294,700+9.23%$1,684.60$72,196.96
Raleigh4.66%+0.25%$290,600+5.94%$1,442.15$61,806.27
Richmond4.66%+0.25%$267,000+5.53%$1,328.60$56,939.90
Riverside/San Bernardino4.66%+0.25%$360,000+2.86%$1,768.84$75,807.61
Sacramento4.66%+0.25%$374,000+5.35%$1,871.91$80,224.83
Salt Lake City4.66%+0.25%$331,600+2.98%$1,568.22$67,209.51
San Antonio4.66%+0.25%$230,300+5.21%$1,349.28$57,826.31
San Diego4.77%+0.24%$645,000+5.74%$3,056.34$130,986.05
San Francisco4.77%+0.24%$1,070,000+16.68%$4,986.96$213,726.86
San Jose4.77%+0.24%$1,405,000+2.33%$6,407.87$274,623.19
Seattle4.66%+0.25%$530,300+9.48%$2,549.75$109,274.91
St Louis4.66%+0.25%$185,700+14.35%$1,049.00$44,957.32
Tampa4.66%+0.25%$238,700+6.09%$1,274.64$54,627.36
Virginia Beach4.66%+0.25%$235,000+7.80%$1,224.61$52,483.19
Washington, D.C.4.66%+0.25%$443,100+12.35%$2,243.37$96,144.49
Mortgage Rates from 0.00%