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.
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
Business Insider Emails & Alerts
Site highlights each day to your inbox.
Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.