Here's the salary you have to earn to buy a home in 15 major US cities

Libby Kane

The mortgage website HSH.com has updated its estimate of how much annual income a household would need to buy a home in major cities in the US according to fourth-quarter 2014 data.

Compared to the previous quarter, home prices, monthly mortgage payments, and estimated salaries decreased across the board.

The site looked at median home prices from the National Association of Realtors, along with 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 principal, taxes, and insurance — and how much you would have to earn to afford it.

Salaries listed are rounded to the nearest $US500.

15. Detroit

This Detroit house is listed for $155,000.

Population: 921,147

Median Home Price: $US135,800

Monthly Mortgage Payment: $US828

Salary Needed To Buy: $US35,500

14. Phoenix

This Phoenix home sold for $185,000.

Population: 1,476,331

Median Home Price: $US200,300

Monthly Mortgage Payment: $US948

Salary Needed To Buy: $US40,500

13. San Antonio

Houses near this San Antonio home are listed for around $190,000.

Population: 1,258,733

Median Home Price: $US185,500

Monthly Mortgage Payment: $US1,058

Salary Needed To Buy: $US45,500

12. Dallas

Houses in this Dallas neighbourhood are listed for $180,000.

Population: 1,246,185

Median Home Price: $US189,600

Monthly Mortgage Payment: $US1,138

Salary Needed To Buy: $US49,000

11. Houston

Houses in this Houston neighbourhood are listed for $199,000.

Population: 2,076,189

Median Home Price: $US199,300

Monthly Mortgage Payment: $US1,166

Salary Needed To Buy: $US50,000

10. Philadelphia

Houses in this Philadelphia neighbourhood are listed for $220,000.

Population: 1,517,628

Median Home Price: $US213,300

Monthly Mortgage Payment: $US1,187

Salary Needed To Buy: $US51,000

9. Baltimore

Houses in this Baltimore neighbourhood are listed for $235,000.

Population: 640,064

Median Home Price: $US233,200

Monthly Mortgage Payment: $US1,228

Salary Needed To Buy: $US52,500

8. Chicago

Apartments in this Chicago neighbourhood are listed for $200,000.

Population: 2,824,584

Median Home Price: $US195,100

Monthly Mortgage Payment: $US1,268

Salary Needed To Buy: $US54,500

7. Seattle

A unit in this Seattle building is listed for $350,000.

Population: 652,405

Median Home Price: $US352,000

Monthly Mortgage Payment: $US1,699

Salary Needed To Buy: $US73,000



6. Washington, D.C.

Apartments in this Washington, DC neighbourhood are listed for $375,000.

Population: 582,049

Median Home Price: $US372,800

Monthly Mortgage Payment: $US1,805

Salary Needed To Buy: $US77,500

5. Boston

Apartments near this Boston neighbourhood are listed for $390,000.

Population: 645,966

Median Home Price: $US383,200

Monthly Mortgage Payment: $US1,867

Salary Needed To Buy: $US80,000

4. New York City

Apartments in this New York City neighbourhood are listed for $389,000.

Population: 8,213,839

Median Home Price: $US390,000

Monthly Mortgage Payment: $US2,042

Salary Needed To Buy: $US87,500

3. Los Angeles

Apartments in this Los Angeles neighbourhood are listed for $450,000.

Population: 3,794,640

Median Home Price: $US450,900

Monthly Mortgage Payment: $US2,092

Salary Needed To Buy: $US89,500

2. San Diego

Apartments in this San Diego building are listed for $499,900.

Population: 1,284,347

Median Home Price: $US493,100

Monthly Mortgage Payment: $US2,226

Salary Needed To Buy: $US95,500

1. San Francisco

Apartments in this San Francisco building are listed for $749,000.

Population: 777,660

Median Home Price: $US742,900

Monthly Mortgage Payment: $US3,323

Salary Needed To Buy: $US142,500

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