Wondering about where mortgage rates are headed? Check out our latest Two-Month Mortgage Rate Forecast.

Income you need to purchase a median-priced existing home
First quarter 2022

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?

Source: HSH.com
See methodology
See most current data

Terms of use: Source credit and hyperlink to HSH.com required.

Metro Area 30-Year FRM Quarterly average Median Home Price Home price change from year ago Income needed with 20% down Income needed with 10% down
National 4.01% $368,200 15.71% $75,507.75 $87,547.77
Atlanta 4.01% $350,300 25.42% $69,618.60 $81,073.29
Austin 4.01% $540,700 23.48% $114,679.39 $132,360.10
Baltimore 4.01% $350,900 6.40% $73,803.48 $85,277.79
Birmingham 4.01% $289,500 13.84% $55,661.98 $65,128.53
Boston 4.01% $639,000 9.66% $130,203.37 $151,098.46
Buffalo 4.01% $202,300 14.88% $51,524.96 $58,140.10
Charlotte 4.01% $379,900 18.46% $72,348.43 $84,771.03
Chicago 4.01% $325,400 7.22% $76,463.24 $87,103.71
Cincinnati 4.01% $244,300 15.02% $51,840.19 $59,828.71
Cleveland 4.01% $192,700 9.74% $45,448.11 $51,749.33
Columbus 4.01% $274,300 13.35% $59,320.96 $68,290.48
Dallas 4.01% $365,400 21.80% $81,164.99 $93,113.44
Denver 4.01% $662,200 19.44% $121,887.60 $143,541.32
Detroit 4.01% $224,300 3.46% $50,301.81 $57,636.35
Hartford 4.01% $291,000 5.59% $73,164.95 $82,680.55
Houston 4.01% $330,800 17.39% $74,673.21 $85,490.26
Indianapolis 4.01% $271,600 16.87% $53,585.62 $62,466.85
Jacksonville 4.01% $365,900 26.17% $73,464.79 $85,429.59
Kansas City 4.01% $287,400 11.35% $60,507.11 $69,905.00
Las Vegas 4.01% $461,100 27.80% $84,116.45 $99,194.26
Los Angeles 4.01% $792,500 13.05% $149,127.27 $175,041.75
Louisville 4.01% $235,400 10.05% $48,120.91 $55,818.41
Memphis 4.01% $259,300 17.01% $52,691.29 $61,170.31
Miami 4.01% $530,000 19.10% $103,743.70 $121,074.52
Milwaukee 4.01% $298,800 2.82% $65,921.81 $75,692.47
Minneapolis 4.01% $355,800 7.07% $74,145.28 $85,779.82
Nashville 4.01% $387,200 24.06% $73,501.92 $86,163.23
New Orleans 4.01% $281,100 12.22% $57,853.22 $67,045.10
New York City 4.01% $578,100 12.43% $129,458.62 $148,362.29
Oklahoma City 4.01% $198,200 11.98% $45,299.47 $51,780.54
Orlando 4.01% $399,900 23.05% $79,572.52 $92,649.12
Philadelphia 4.01% $297,900 8.33% $69,569.45 $79,310.67
Phoenix 4.01% $474,500 26.97% $86,294.62 $101,810.61
Pittsburgh 4.01% $185,700 11.87% $42,858.07 $48,930.40
Portland 4.01% $570,500 16.64% $109,266.67 $127,921.83
Providence 4.01% $406,700 12.16% $88,477.40 $101,776.36
Raleigh 4.01% $439,100 26.65% $83,561.02 $97,919.44
Richmond 4.01% $354,500 9.41% $68,628.66 $80,220.69
Riverside/San Bernardino 4.01% $560,000 17.89% $106,192.33 $124,504.14
Sacramento 4.01% $545,000 17.20% $105,934.09 $123,755.40
Salt Lake City 4.01% $556,900 27.91% $100,970.01 $119,180.45
San Antonio 4.01% $321,100 20.40% $70,901.40 $81,401.26
San Diego 4.01% $905,000 18.53% $166,828.39 $196,421.58
San Francisco 3.86% $1,380,000 15.00% $249,685.02 $289,865.47
San Jose 3.86% $1,875,000 25.00% $330,758.29 $385,351.29
Seattle 4.01% $746,200 14.20% $140,768.06 $165,168.55
St Louis 4.01% $216,700 4.53% $48,988.44 $56,074.46
Tampa 4.01% $379,900 28.78% $75,416.29 $87,838.89
Virginia Beach 4.01% $289,900 9.40% $59,245.39 $68,725.03
Washington, D.C. 4.01% $553,000 11.02% $110,327.29 $128,410.21

Methodology and Data Sources

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 median-home-price data to arrive at our figures. Downpayments of less than 20% incur both higher mortgage amounts and require private mortgage insurance, which increases the income required.


In these calculations, we utilize metropolitan area median home prices from the National Association of Realtors Metropolitan Median Area Prices series. For mortgage rates, we create a quarterly average of zero-point equivalent 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 use is for purchase-money mortgages made to borrowers with good to excellent credit.


Our calculations incorporate metropolitan-area average property tax information using data made available from the Census Bureau's American Community Survey (ACS). We the latest available ACS 5-year estimates. Metropolitan area definitions are from the Office of Management and Budget and are revised periodically.


For homeowner's insurance costs, we use the latest available data for statewide average homeowner insurance premium costs from the Insurance Information Institute.


Note: Property taxes and insurance costs are specific to an individual property 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 income 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.


Data for the Pittsburgh metro area is provided by RealSTATs, a locally owned and operated real estate information company.

Add to Homescreen?
X
X
Install this web app on your phone :tap and then Add to homescreen