According to a November 2016 HSH.com report, your annual before-tax income should exceed $50,000 if you're looking to buy a median priced home in the US.
Of course, that number fluctuates depending on where you're located: settling down in Detroit only requires a $39,000 salary, while acquiring a house in San Francisco would require a salary of over $150,000.
Using 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 determines the required salary to afford the base cost of owning a home in 27 major metro areas. The base cost includes the mortgage's principal and interest as well as taxes and insurance payments, but not home repairs or renovations.
The site also notes that home-ownership gets more expensive if you make a smaller down payment, instead of putting down the recommended 20%.
Read more about the methodology here.
Below, CNBC highlights eight major cities where your income must exceed $70,000 to afford a home.
Denver, Colorado
Median home price: $386,800
Salary needed to buy: $70,740
Washington, DC
Median home price: $393,500
Salary needed to buy: $78,460
Seattle, Washington
Median home price: $422,100
Salary needed to buy: $81,770
New York, New York
Median home price: $397,600
Salary needed to buy: $85,490
Boston, Massachusetts
Median home price: $435,300
Salary needed to buy: $86,050
Los Angeles, California
Median home price: $536,700
Salary needed to buy: $100,150
San Diego, California
Median home price: $589,300
Salary needed to buy: $108,650
San Francisco, California
Median home price: $835,400
Salary needed to buy: $152,170
