Advertisements

house view seattleShutterstock.com

Advertisements

If you want to buy a home, it will cost you.

Mortgage site HSH.com has updated its estimate of how much annual income a household would need to buy a home in major metropolitan areas in the US, according to first-quarter 2016 data.

In Q1, the site found that the prices of sold homes in the majority of the markets it examined dropped from Q4 2016, but an increase in 30-year mortgage rates more than countered that drop. Between the mortgage rates and the prices — which may have been less than Q4 but were still more than a year prior — the average home price increased by about 9% across all markets.

HSH.com looked at median home prices from the National Association of Realtors. It took into account interest rates for common 30-year fixed-rate mortgages and property taxes and insurance costs to figure out how much money it would take to pay a median-priced home's mortgage, taxes, and insurance in each city, and how much you'd have to earn to afford it.

HSH.com emphasizes that this is only the base cost of owning a home, without taking into account maintenance and other incidentals.

The site also calculated how it would change the salary needed to buy a home if a buyer were to put 10% down instead of the recommended 20%. No matter where you are, putting down less makes things more expensive — you can visit HSH.com to see both numbers.

Salaries are listed from lowest to highest needed and are rounded to the nearest $500.

19. San Antonio

19. San Antonio
Homes in this San Antonio, Texas, neighborhood are listed for about $200,000.Google Maps

Population: 1,409,000

Median home price: $202,600

Monthly mortgage payment: $1,186

Salary needed to buy: $51,000

18. Philadelphia

18. Philadelphia
Homes in this Philadelphia, Pennsylvania, neighborhood are listed for about $210,000.Google Maps

Population: 1,517,628

Median home price: $209,000

Monthly mortgage payment: $1,221

Salary needed to buy: $52,500

17. Orlando

17. Orlando
Homes in this Orlando, Florida, neighborhood are listed for about $230,000.Google Maps

Population: 255,483

Median home price: $230,000

Monthly mortgage payment: $1,229

Salary needed to buy: $52,500

16. Minneapolis

16. Minneapolis
Homes in this Minneapolis, Minnesota, neighborhood are listed for about $240,000.Google Maps

Population: 407,207

Median home price: $234,700

Monthly mortgage payment: $1,254

Salary needed to buy: $54,000

15. Baltimore

15. Baltimore
Homes in this Baltimore, Maryland, neighborhood are listed for about $237,000.Google Maps

Population: 640,064

Median home price: $237,600

Monthly mortgage payment: $1,281

Salary needed to buy: $55,000

14. Houston

14. Houston
Homes in this Houston, Texas, neighborhood are listed for about $220,000.Google Maps

Population: 2,076,189

Median home price: $222,300

Monthly mortgage payment: $1,296

Salary needed to buy: $55,500

13. Dallas

13. Dallas
Homes in this Dallas, Texas, neighborhood are listed for about $236,000.Google Maps

Population: 2,518,638

Median home price: $236,500

Monthly mortgage payment: $1,362

Salary needed to buy: $58,500

12. Chicago

12. Chicago
Homes in this Chicago, Illinois, neighborhood are listed for about $230,000.Google Maps

Population: 2,824,584

Median home price: $228,600

Monthly mortgage payment: $1,386

Salary needed to buy: $59,500

11. Sacramento

11. Sacramento
Homes in this Sacramento, California, neighborhood are listed for about $320,000.Google Maps

Population: 479,686

Advertisements

Median home price: $319,700

Monthly mortgage payment: $1,589

Salary needed to buy: $68,000

10. Miami

10. Miami
Homes in this Miami, Florida, neighborhood are listed for about $320,000.Google Maps

Population: 417,650

Median home price: $318,000

Monthly mortgage payment: $1,637

Salary needed to buy: $70,000

9. Portland

9. Portland
Homes in this Portland, Oregon, neighborhood are listed for about $359,000.Google Maps

Population: 609,456

Median home price: $359,900

Monthly mortgage payment $1,727

Salary needed to buy: $74,000

8. Denver

8. Denver
Homes in this Denver, Colorado, neighborhood are listed for about $395,000.Google Maps

Population: 649,495

Median home price: $396,100

Monthly mortgage payment: $1,812

Salary needed to buy: $77,500

7. Washington, DC

7. Washington, DC
Homes in this Washington, DC, neighborhood are listed for about $385,000.Google Maps

Population: 582,049

Median home price: $383,500

Monthly mortgage payment: $1,926

Salary needed to buy: $82,500

6. Seattle

6. Seattle
Homes in this Seattle, Washington, neighborhood are listed for about $420,500.Google Maps

Population: 652,405

Median home price: $422,100

Monthly mortgage payment: $2,017

Salary needed to buy: $86,500

5. Boston

5. Boston
Homes in this Boston, Massachusetts, neighborhood are listed for about $420,000.Google Maps

Population: 645,966

Median home price: $414,200

Monthly mortgage payment: $2,133

Salary needed to buy: $91,500

4. New York City

4. New York City
Homes in this New York, New York, neighborhood are listed for about $386,000.Google Maps

Population: 8,213,839

Median home price: $386,000

Monthly mortgage payment: $2,233

Salary needed to buy: $95,500

3. Los Angeles

3. Los Angeles
Homes in this Los Angeles, California, neighborhood are listed for about $465,000.Google Maps

Population: 3,794,640

Median home price: $465,800

Monthly mortgage payment: $2,299

Salary needed to buy: $98,500

2. San Diego

2. San Diego
Homes in this San Diego, California, neighborhood are listed for about $560,000.Google Maps

Population: 1,284,347

Median home price: $564,000

Monthly mortgage payment: $2,605

Salary needed to buy: $111,500

1. San Francisco

1. San Francisco
Advertisements
Homes in this San Francisco, California, neighborhood are listed for about $800,000.Google Maps

Population: 777,660

Median home price: $815,400

Monthly mortgage payment: $3,759

Salary needed to buy: $161,000