Buying a home is hardly ever cheap, but in certain places it's becoming downright unaffordable for those earning less than six figures.
CNBC Make It identified eight U.S. cities where the qualifying income to purchase a home with a 10% or 20% down payment is an annual salary of $100,000 or more, based on data from the National Association of Realtors' Metropolitan Median Area Prices and Affordability index from the second quarter of 2019.
The data assumes a 4.1% mortgage rate for all areas and a monthly principal and interest payment limited to 25% of a resident's income.
Unsurprisingly, the majority of the locations can be found on the West Coast, which routinely features some cities with some of the highest cost of living in the country. California, in particular, is so expensive that 53% of residents are considering leaving the state in search of more affordable places to live, a survey from Edelman Intelligence found.
Below, check out the eight U.S. cities where you need to earn $100,000 or more a year to become a homeowner, ranked from lowest median home price to highest.
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