See what's happening with home values in more than 400 metropolitan areas with HSH's Home Value Tracker, just updated though the second quarter of 2022.

Income you need to purchase a median-priced existing home
Second 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 5.48% $413,500 15.60% $95,693.82 $110,574.91
Atlanta 5.48% $379,700 20.54% $86,238.84 $99,820.43
Austin 5.48% $613,200 19.04% $146,726.15 $167,554.49
Baltimore 5.48% $396,200 7.34% $93,729.53 $107,714.10
Birmingham 5.48% $318,800 15.01% $70,395.31 $81,776.14
Boston 5.48% $722,200 8.80% $166,680.51 $192,118.88
Buffalo 5.48% $237,200 15.09% $64,834.57 $73,101.74
Charlotte 5.48% $414,300 17.50% $91,095.28 $105,682.75
Chicago 5.48% $370,100 6.17% $95,284.85 $108,530.70
Cincinnati 5.48% $277,900 9.28% $65,936.59 $75,924.80
Cleveland 5.48% $225,600 10.26% $57,781.38 $65,921.65
Columbus 5.48% $322,200 14.09% $77,141.44 $88,710.64
Dallas 5.48% $408,200 20.52% $101,842.56 $115,468.12
Denver 5.48% $695,800 12.48% $149,148.99 $173,909.62
Detroit 5.48% $271,100 5.77% $66,447.89 $76,095.09
Hartford 5.48% $337,400 11.83% $91,411.76 $103,324.95
Houston 5.48% $357,200 16.28% $90,522.01 $102,879.22
Indianapolis 5.48% $303,300 15.90% $68,106.01 $79,056.89
Jacksonville 5.48% $396,000 23.75% $90,837.11 $104,871.02
Kansas City 5.48% $326,100 13.74% $76,773.98 $88,649.79
Las Vegas 5.48% $485,400 24.46% $103,073.64 $120,548.71
Los Angeles 5.48% $825,700 9.22% $180,748.69 $209,767.79
Louisville 5.48% $263,500 11.94% $60,950.24 $70,341.50
Memphis 5.48% $288,000 14.74% $66,344.85 $76,648.08
Miami 5.48% $589,000 21.44% $131,714.82 $152,788.56
Milwaukee 5.48% $364,600 11.26% $87,623.67 $101,079.51
Minneapolis 5.48% $387,200 7.08% $91,684.93 $105,176.26
Nashville 5.48% $418,500 19.78% $91,596.81 $106,608.98
New Orleans 5.48% $300,600 9.03% $70,467.28 $81,144.62
New York City 5.48% $621,000 10.09% $156,191.23 $178,004.22
Oklahoma City 5.48% $231,900 18.44% $58,276.52 $66,325.28
Orlando 5.48% $430,000 21.92% $97,969.86 $113,251.72
Philadelphia 5.48% $346,300 11.78% $88,400.24 $100,652.19
Phoenix 5.48% $496,000 21.36% $105,132.59 $122,976.65
Pittsburgh 5.48% $215,000 16.22% $54,379.57 $62,033.00
Portland 5.48% $616,300 12.96% $136,039.01 $157,973.34
Providence 5.48% $457,700 14.42% $111,431.87 $127,433.55
Raleigh 5.48% $477,600 21.50% $105,087.14 $121,798.98
Richmond 5.48% $391,900 13.59% $87,030.01 $100,957.14
Riverside/San Bernardino 5.48% $585,000 14.71% $128,987.85 $149,397.77
Sacramento 5.48% $570,000 12.87% $128,301.93 $148,136.74
Salt Lake City 5.48% $605,000 24.72% $127,819.09 $149,298.18
San Antonio 5.48% $349,500 21.99% $87,019.21 $98,920.41
San Diego 5.48% $965,900 13.64% $207,391.93 $241,381.11
San Francisco 5.11% $1,550,000 11.91% $318,190.69 $366,525.34
San Jose 5.11% $1,900,000 11.80% $384,979.14 $444,469.40
Seattle 5.48% $818,900 14.39% $178,663.57 $207,427.37
St Louis 5.48% $258,000 10.45% $63,542.63 $73,004.60
Tampa 5.48% $411,000 28.04% $93,397.14 $107,989.18
Virginia Beach 5.48% $336,400 16.00% $77,471.09 $89,354.93
Washington, D.C. 5.48% $626,700 9.66% $141,901.97 $164,301.55

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