When you're figuring out how much home you can afford, a good rule of thumb is to make sure you don't spend more than 28 percent of your gross income on housing in any given month.
You'll want to keep in mind that monthly payments encompass more than just the mortgage: They also include interest, property taxes and insurance on the home.
To give you an idea of just how much you'd have to pay per month to own a home in major U.S. cities, CNBC rounded up data from a 2017 Harvard housing report. The report determined the monthly payment on median-priced single-family houses, assuming a five percent down payment with property taxes of 1.25 percent, property insurance of 0.25 percent and mortgage insurance of 0.5 percent.
Here's what you should expect to pay per month if you're thinking about settling down in a major U.S. city. Cities are listed in ascending order of monthly house payments.
Dallas, Texas
Metro: Dallas-Fort Worth-Arlington, TX
Median price of single-family house: $206,000
Monthly payment on median-priced single-family house: $1,260
Houston, Texas
Metro: Houston-The Woodlands-Sugar Land, TX
Median price of single-family house: $212,000
Monthly payment on median-priced single-family house: $1,300
Chicago, Illinois
Metro: Chicago-Naperville-Elgin, IL-IN-WI
Median price of single-family house: $215,800
Monthly payment on median-priced single-family house: $1,320
Philadelphia, Pennsylvania
Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
Median price of single-family house: $221,300
Monthly payment on median-priced single-family house: $1,350
Austin, Texas
Metro: Austin-Round Rock, TX
Median price of single-family house: $262,400
Monthly payment on median-priced single-family house: $1,610
Sacramento, California
Metro: Sacramento-Roseville-Arden-Arcade, CA
Median price of single-family house: $288,100
Monthly payment on median-priced single-family house: $1,760
Denver, Colorado
Metro: Denver-Aurora-Lakewood, CO
Median price of single-family house: $352,100
Monthly payment on median-priced single-family house: $2,160
Seattle, Washington
Metro: Washington-Arlington-Alexandria, DC-VA-MD-WV
Median price of single-family house: $377,300
Monthly payment on median-priced single-family house: $2,310
Washington, D.C.
Metro: Washington-Arlington-Alexandria, DC-VA-MD-WV
Median price of single-family house: $381,700
Monthly payment on median-priced single-family house: $2,340
New York City, New York
Metro: New York-Newark-Jersey City, NY-NJ-PA
Median price of single-family house: $388,200
Monthly payment on median-priced single-family house: $2,380
Boston, Massachusetts
Metro: Boston-Cambridge-Newton, MA-NH
Median price of single-family house: $400,900
Monthly payment on median-priced single-family house: $2,450
San Diego, California
Metro: San Diego-Carlsbad, CA
Median price of single-family house: $539,800
Monthly payment on median-priced single-family house: $3,300
Los Angeles, California
Metro: Los Angeles-Long Beach-Anaheim, CA
Median price of single-family house: $559,600
Monthly payment on median-priced single-family house: $3,420
San Francisco, California
Metro: San Francisco-Oakland-Hayward, CA
Median price of single-family house: $774,900
Monthly payment on median-priced single-family house: $4,740
San Jose, California
Metro: San Jose-Sunnyvale-Santa Clara, CA
Median price of single-family house: $946,800
Monthly payment on median-priced single-family house: $5,790
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