In the market for a home?
Mortgage website 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 fourth-quarter 2015 data.
Thanks to lower mortgage rates and home prices, homes were more affordable in nearly every metro area measured than they had been in the previous quarter. The National Association of Realtors told HSH.com that it doesn’t expect this trend to continue.
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, it’s more expensive — you can visit HSH.com to see both numbers.
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, taxes, and insurance in each city — and how much you would have to earn to afford it.
Salaries listed are rounded to the nearest $500.
Google Maps
Houses in this San Antonio neighbourhood are listed for $200,000.Population: 1,409,000
Median Home Price: $192,100
Monthly Mortgage Payment: $1,096
Salary Needed to Buy: $46,000
Google Maps
Houses in this Orlando neighbourhood are listed for $200,000.Population: 255,483
Median Home Price: $205,000
Monthly Mortgage Payment: $1,115
Salary Needed to Buy: $48,000
Houses in this Minneapolis neighbourhood are listed for $225,000.Population: 407,207
Median Home Price: $223,700
Monthly Mortgage Payment: $1,172
Salary Needed to Buy: $50,500
Houses in this Philadelphia neighbourhood are listed for $215,000.Population: 1,517,628
Median Home Price: $213,700
Monthly Mortgage Payment: $1,204
Salary Needed to Buy: $51,500
Google Maps
Homes in this Dallas neighbourhood are listed for $209,000.Population: 2,518,638
Median Home Price: $206,200
Monthly Mortgage Payment: $1,208
Salary Needed to Buy: $52,000
Houses in this Houston neighbourhood are listed for $209,500.Population: 2,076,189
Median Home Price: $209,200
Monthly Mortgage Payment: $1,217
Salary Needed to Buy: $52,000
Houses in this Baltimore neighbourhood are listed for $234,000.Population: 640,064
Median Home Price: $233,500
Monthly Mortgage Payment: $1,233
Salary Needed to Buy: $53,000
Apartments in this Chicago neighbourhood are listed for $209,000.Population: 2,824,584
Median Home Price: $209,800
Monthly Mortgage Payment: $1,352
Salary Needed to Buy: $58,000
Google Maps
Homes in this Sacramento neighbourhood are listed for $290,000.Population: 479,686
Median Home Price: $294,100
Monthly Mortgage Payment: $1,450
Salary Needed to Buy: $62,000
Google Maps
Apartments in this Miami neighbourhood are listed for $289,000.Population: 417,650
Median Home Price: $286,000
Monthly Mortgage Payment: $1,471
Salary Needed to Buy: $63,000
Google Maps
Homes in this Portland neighbourhood are listed for $319,000.Population: 609,456
Median Home Price: $318,300
Monthly Mortgage Payment $1,538
Salary Needed to Buy: $66,000
Google Maps
Homes in this Denver neighbourhood are listed for $350,000.Population: 649,495
Median Home Price: $353,500
Monthly Mortgage Payment: $1,596
Salary Needed to Buy: $68,500
Houses in this Seattle neighbourhood are listed for $390,000.Population: 652,405
Median Home Price: $385,300
Monthly Mortgage Payment: $1,829
Salary Needed to Buy: $78,500
Apartments in this Washington, DC, neighbourhood are listed for $375,000.Population: 582,049
Median Home Price: $371,600
Monthly Mortgage Payment: $1,834
Salary Needed to Buy: $78,500
Apartments in this Boston neighbourhood are listed for $398,000.Population: 645,966
Median Home Price: $393,600
Monthly Mortgage Payment: $1,940
Salary Needed to Buy: $83,000
Apartments in this New York City neighbourhood are listed for $389,000.Population: 8,213,839
Median Home Price: $384,600
Monthly Mortgage Payment: $2,024
Salary Needed to Buy: $87,000
Houses in this Los Angeles neighbourhood are listed for $480,000.Population: 3,794,640
Median Home Price: $481,900
Monthly Mortgage Payment: $2,217
Salary Needed to Buy: $95,000
Houses in this San Diego neighbourhood are listed for $550,000.Population: 1,284,347
Median Home Price: $546,800
Monthly Mortgage Payment: $2,407
Salary Needed to Buy: $103,000
Homes in this San Francisco neighbourhood are listed for $789,000.Population: 777,660
Median Home Price: $781,600
Monthly Mortgage Payment: $3,453
Salary Needed to Buy: $148,000
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Flickr / Robbie ShadeBoston’s Back Bay neighbourhood.