Want to buy a house in San Francisco? Hope you're making bank.
By Antonia Farzan and 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 first-quarter 2015 data.
Several cities — Portland, Sacramento, Miami, and Denver — appear on the list of highest-priced metro areas for the first time.
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 $500.
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 first-quarter 2015 data.
Several cities — Portland, Sacramento, Miami, and Denver — appear on the list of highest-priced metro areas for the first time.
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 $500.
15. Philadelphia
1/15
Median Home Price: $204,900
Monthly Mortgage Payment: $1,138
Salary Needed To Buy: $49,000
14. Houston
2/15
Median Home Price: $200,300
Monthly Mortgage Payment: $1,158
Salary Needed To Buy: $50,000
13. Baltimore
3/15
Median Home Price: $233,100
Monthly Mortgage Payment: $1,172
Salary Needed To Buy: $50,500
12. Chicago
4/15
Median Home Price: $191,500
Monthly Mortgage Payment: $1,247
Salary Needed To Buy: $53,500
11. Sacramento
5/15
Median Home Price: $275,800
Monthly Mortgage Payment: $1,364
Salary Needed To Buy: $58,500