Ever wonder how much money you need to make to afford a home in a certain city?
A new study put out by hsh.com indicates the amount of income needed to purchase a home.
The study put out how high your salary would have to be in order to afford principal, interest, taxes and insurance payments on a median-priced home in each of the country’s 50 most populous metropolitan areas.
Median-priced is the middle point of any data involving real estate prices, with exactly half of the houses in a market priced for less and half priced for more.
The most expensive area to live, according to the study, is San Jose, California, which requires an annual salary of almost $255,000 to afford a median-priced home of $1.25 million.
Talk about a high bar for a median price.
That median price is higher than those in New York City, Los Angeles and Chicago, COMBINED!
The least expensive area, according to the study, is Pittsburgh, Pennsylvania, which only requires a salary of just less than $38,000 to purchase a median-priced home of $141,625.
Here are the figures for other notable cities in the study:
- Detroit requires a salary of $46,802 to afford a median-priced home of $186,317.
- Houston requires a salary of $62,396 to afford a median-priced home of $237,900.
- San Antonio requires a salary of $59,315 to afford a median-priced home of $229,100.
- Miami requires a salary of $79,712 to afford a median-priced home of $350,000.
- Orlando requires a salary of $61,456 to afford a median-priced home of $265,000.
- Jacksonville requires a salary of $57,708.92 to afford a median-priced home of $246,900.
- Richmond, Va. requires a salary of $56,562 to afford a median-priced home of $256,500.
- New York City requires a salary of $105,684 to afford a median-priced home of $403,900.
- Boston requires a salary of $106,789 to afford a median-priced home of $460,300.
- San Francisco requires a salary of $198,978 to afford a median-priced home of $952,200.
- Dallas requires a salary of $65,882 to afford a median-priced home of $254,900.
- Austin requires a salary of $79,688 to afford a median-priced home of $310,400.
- Los Anglees requires a salary of $123,156 to afford a median-priced home of $576,100.
- Tampa requires a salary of $55,104 to afford a median-priced home of $235,000.
The study used the National Association of Realtors median price for an existing single-family home and uses the definitions provided by the Office of Management and Budget to determine the range of metropolitan areas.