Real EstateAug 1, 2024
The Salary Needed to Buy a Home in 50 U.S. Cities 🏠
What We’re Showing
This graphic shows the salary needed to buy a home in the 50 largest metropolitan areas in America.
These calculations determine the salary needed to afford the principal, interest, taxes, and insurance payments on a median-priced home in the corresponding metro area as of May 2024. Figures reflect homes with a 30-year fixed-rate mortgage and a 20% down payment, based on analysis from HSH.com.
Key Takeaways
- As the most expensive city overall, residents in San Jose, California require a monthly payment of $10,824 for a median-priced home in 2024—more than quadruple the national average
- In second place is the San Francisco metro area, where median home sale prices have jumped 14% year-over-year as of Q1 2024
- Since 2020, the average salary Americans need to afford a home has skyrocketed from $59,000 to over $100,000
- Cleveland, Pittsburgh, and St. Louis are the most affordable metropolitans in the dataset, where a salary under $70,000 can buy a median-priced home
Dataset
| Metro Area | Salary Needed | Median Home Price | Monthly Payment* |
|---|---|---|---|
| National | $104,339.0 | $389,400 | $2,434.6 |
| Atlanta | $96,825.1 | $369,200 | $2,259.3 |
| Austin | $135,333.1 | $466,700 | $3,157.8 |
| Baltimore | $104,132.8 | $385,000 | $2,429.8 |
| Birmingham | $75,193.9 | $295,000 | $1,754.5 |
| Boston | $186,058.7 | $704,700 | $4,341.4 |
| Buffalo | $71,669.2 | $229,700 | $1,672.3 |
| Charlotte | $100,140.4 | $398,300 | $2,336.6 |
| Chicago | $103,794.0 | $349,300 | $2,421.9 |
| Cincinnati | $75,634.6 | $280,600 | $1,764.8 |
| Cleveland | $58,402.6 | $191,900 | $1,362.7 |
| Columbus | $84,598.5 | $306,600 | $1,974.0 |
| Dallas | $110,463.0 | $377,700 | $2,577.5 |
| Denver | $160,874.3 | $651,000 | $3,753.7 |
| Detroit | $68,334.7 | $240,000 | $1,594.5 |
| Hartford | $106,127.9 | $350,400 | $2,476.3 |
| Houston | $98,135.3 | $334,100 | $2,289.8 |
| Indianapolis | $77,181.6 | $300,100 | $1,800.9 |
| Jacksonville | $103,487.6 | $390,000 | $2,414.7 |
| Kansas City | $83,386.1 | $308,600 | $1,945.7 |
| Las Vegas | $113,354.8 | $465,400 | $2,644.9 |
| Los Angeles | $207,030.2 | $823,000 | $4,830.7 |
| Louisville | $69,169.8 | $262,000 | $1,614.0 |
| Memphis | $71,943.2 | $272,400 | $1,678.7 |
| Miami | $159,528.2 | $625,000 | $3,722.3 |
| Milwaukee | $96,942.7 | $354,000 | $2,262.0 |
| Minneapolis | $101,868.4 | $373,500 | $2,376.9 |
| Nashville | $101,535.4 | $404,300 | $2,369.2 |
| New Orleans | $75,218.3 | $277,700 | $1,755.1 |
| New York City | $186,122.8 | $659,200 | $4,342.9 |
| Oklahoma City | $70,455.8 | $251,000 | $1,644.0 |
| Orlando | $114,215.9 | $435,000 | $2,665.0 |
| Philadelphia | $99,535.4 | $342,500 | $2,322.5 |
| Phoenix | $114,499.6 | $470,500 | $2,671.7 |
| Pittsburgh | $59,604.2 | $207,100 | $1,390.8 |
| Portland | $146,483.4 | $574,000 | $3,418.0 |
| Providence | $129,565.5 | $470,700 | $3,023.2 |
| Raleigh | $111,347.6 | $439,800 | $2,598.1 |
| Richmond | $106,952.9 | $425,000 | $2,495.6 |
| Riverside/San Bernardino | $146,791.9 | $579,900 | $3,425.1 |
| Sacramento | $139,283.1 | $533,900 | $3,249.9 |
| Salt Lake City | $134,691.8 | $551,200 | $3,142.8 |
| San Antonio | $90,259.9 | $305,800 | $2,106.1 |
| San Diego | $241,783.5 | $981,000 | $5,641.6 |
| San Francisco | $336,170.4 | $1,300,000 | $7,844.0 |
| San Jose | $463,886.5 | $1,840,000 | $10,824.0 |
| Seattle | $191,332.4 | $755,300 | $4,464.4 |
| St Louis | $68,240.0 | $241,100 | $1,592.3 |
| Tampa | $106,614.1 | $405,200 | $2,487.7 |
| Virginia Beach | $88,208.3 | $336,500 | $2,058.2 |
| Washington, D.C. | $155,370.4 | $600,200 | $3,625.3 |
Data sources
*Includes the principal, interest, taxes, and insurance payments on a median-priced home in the corresponding metro area.
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