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.
To determine the required salary, the site uses median home prices from the National Association of Realtors and average interest rates for a 30-year fixed-rate mortgage.
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.
Washington, DC
Median home price: $393,500
Monthly mortgage payment: $1,830
Salary needed to buy: $78,460
Denver, Colorado
Median home price: $386,800
Monthly mortgage payment: $1,650
Salary needed to buy: $70,740
Seattle, Washington
Median home price: $422,100
Monthly mortgage payment: $1,908
Salary needed to buy: $81,770
Boston, Massachusetts
Median home price: $435,300
Monthly mortgage payment: $2,007
Salary needed to buy: $86,050
Detroit, Michigan
Median home price: $170,817
Monthly mortgage payment: $910.78
Salary needed to buy: $39,030
San Francisco, California
Median home price: $835,400
Monthly mortgage payment: $3,550
Salary needed to buy: $152,170
Dallas, Texas
Median home price: $230,500
Monthly mortgage payment: $1,255
Salary needed to buy: $53,820
San Diego, California
Median home price: $589,300
Monthly mortgage payment: $2,535
Salary needed to buy: $108,650
San Antonio, Texas
Median home price: $212,300
Monthly mortgage payment: $1,127
Salary needed to buy: $48,340
Phoenix, Arizona
Median home price: $235,300
Monthly mortgage payment: $1,029
Salary needed to buy: $44,130
Philadelphia, Pennsylvania
Median home price: $234,800
Monthly mortgage payment: $1,239
Salary needed to buy: $53,110
Houston, Texas
Median home price: $217,400
Monthly mortgage payment: $1,203
Salary needed to buy: $51,560
Chicago, Illinois
Median home price: $244,100
Monthly mortgage payment: $1,430
Salary needed to buy: $61,290
Los Angeles, California
Median home price: $536,700
Monthly mortgage payment: $2,336
Salary needed to buy: $100,150
New York, New York
Median home price: $397,600
Monthly mortgage payment: $1,994
Salary needed to buy: $85,490