Income you need to purchase a median-priced existing home
Fourth quarter 2021

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 3.25% $361,700 14.57% $69,136.60 $80,300.83
Atlanta 3.25% $339,500 23.36% $62,868.41 $73,347.42
Austin 3.25% $485,400 25.75% $98,496.15 $113,478.50
Baltimore 3.25% $353,800 4.67% $69,088.72 $80,009.10
Birmingham 3.25% $276,200 12.05% $49,430.66 $57,955.84
Boston 3.25% $635,700 9.77% $120,337.24 $139,958.75
Buffalo 3.25% $216,700 14.96% $50,706.02 $57,394.68
Charlotte 3.25% $370,300 18.69% $65,343.09 $76,772.76
Chicago 3.25% $318,100 8.90% $70,600.57 $80,419.04
Cincinnati 3.25% $244,500 13.19% $48,286.30 $55,833.04
Cleveland 3.25% $195,700 4.60% $43,068.96 $49,109.44
Columbus 3.25% $272,800 10.71% $55,073.33 $63,493.57
Dallas 3.25% $350,000 17.88% $73,506.91 $84,310.01
Denver 3.25% $617,600 20.51% $105,518.61 $124,581.45
Detroit 3.25% $240,800 6.31% $49,473.50 $56,906.03
Hartford 3.25% $295,000 6.42% $69,493.02 $78,598.49
Houston 3.25% $316,900 15.78% $67,746.51 $77,527.94
Indianapolis 3.25% $269,100 15.79% $49,228.38 $57,534.42
Jacksonville 3.25% $347,000 19.66% $65,277.13 $75,987.62
Kansas City 3.25% $279,400 12.43% $55,097.43 $63,721.39
Las Vegas 3.25% $428,400 24.72% $72,473.11 $85,696.10
Los Angeles 3.25% $797,900 15.86% $138,307.54 $162,935.52
Louisville 3.25% $242,100 10.40% $45,667.47 $53,140.13
Memphis 3.25% $260,700 13.79% $49,096.42 $57,143.18
Miami 3.25% $500,000 17.65% $91,492.52 $106,925.52
Milwaukee 3.25% $309,800 7.49% $63,179.95 $72,742.23
Minneapolis 3.25% $352,000 8.88% $68,358.91 $79,223.74
Nashville 3.25% $372,100 19.76% $65,568.82 $77,054.05
New Orleans 3.25% $265,900 5.94% $51,461.62 $59,668.88
New York City 3.25% $566,800 12.80% $119,292.14 $136,786.98
Oklahoma City 3.25% $201,500 11.26% $42,884.40 $49,103.90
Orlando 3.25% $380,000 20.63% $70,736.89 $82,465.96
Philadelphia 3.25% $306,600 8.45% $66,497.60 $75,961.11
Phoenix 3.25% $445,800 25.68% $75,051.57 $88,811.63
Pittsburgh 3.25% $190,000 9.51% $40,775.59 $46,640.13
Portland 3.25% $546,700 16.72% $97,346.51 $114,220.95
Providence 3.25% $400,500 10.51% $81,586.25 $93,948.07
Raleigh 3.25% $419,000 23.02% $74,120.51 $87,053.35
Richmond 3.25% $347,000 9.09% $62,309.27 $73,019.77
Riverside/San Bernardino 3.25% $530,000 17.78% $93,501.07 $109,860.05
Sacramento 3.25% $515,000 16.78% $93,462.87 $109,358.85
Salt Lake City 3.25% $505,700 24.40% $85,160.90 $100,769.83
San Antonio 3.25% $312,500 17.97% $64,907.83 $74,553.45
San Diego 3.25% $845,000 14.19% $144,599.79 $170,681.55
San Francisco 3.36% $1,310,000 14.91% $225,793.07 $262,357.03
San Jose 3.36% $1,675,000 19.64% $282,427.26 $329,178.89
Seattle 3.25% $700,000 13.88% $122,928.10 $144,534.29
St Louis 3.25% $220,700 4.80% $46,406.45 $53,218.57
Tampa 3.25% $355,000 23.69% $66,127.98 $77,085.40
Virginia Beach 3.25% $285,000 3.64% $54,261.60 $63,058.40
Washington, D.C. 3.25% $537,400 11.08% $99,887.40 $116,474.78

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.

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