Home ownership is pricey, especially in a major city. Just how much money do you need to buy a house?
In a November 2016 report, HSH.com calculates the annual before-tax income required to afford the base cost of owning a home — the mortgage's principal, interest, tax, and insurance payments — in major metro areas. Note that the base cost does not include things like repairs and renovations.
The publisher of mortgage and consumer loan information also notes that "the required salary would change if you were to put 10 percent down instead of 20 percent. ... Things get more expensive when you cut the down payment in half." Read more about the methodology.
Continue on to see how much money you need to earn to afford a home in 15 of the largest U.S. cities. The cities are listed in ascending order of population.