The Definitive Guide to Buying Your First Home

Here's how much you need to earn to afford to buy a home in 11 major US cities

A smiling woman walks around New York City.
Twenty20

Can you afford to buy a home? That probably depends on where you live and how much you earn.

To see how housing costs vary by location across the U.S., CNBC Make It identified the qualifying income needed to purchase a home in 11 major cities with a 10% or 20% down payment, 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.

Below, check out the income you need to afford a home in 11 major U.S. cities, ranked from lowest median home price to highest.

Columbus, Ohio

  • Salary required with a 10% down payment: $48,108
  • Salary required with a 20% down payment: $42,763
  • Median home price: $228,300

Houston, Texas

  • Salary required with a 10% down payment: $52,554
  • Salary required with a 20% down payment: $46,715
  • Median home price: $249,400
Houston, Texas
Kav Dadfar | Getty Images

Philadelphia, Pennsylvania

  • Salary required with a 10% down payment: $53,566
  • Salary required with a 20% down payment: $47,614
  • Median home price: $254,200

Jacksonville, Florida

  • Salary required with a 10% down payment: $53,734
  • Salary required with a 20% down payment: $47,764
  • Median home price: $255,000

Charlotte, North Carolina

  • Salary required with a 10% down payment: $56,074
  • Salary required with a 20% down payment: $49,843
  • Median home price: $266,100
Charlotte, North Carolina, USA uptown cityscape at dusk.
Sean Pavone | iStock | Getty Images

Dallas, Texas

  • Salary required with a 10% down payment: $58,033
  • Salary required with a 20% down payment: $51,585
  • Median home price: $275,400

Chicago, Illinois

  • Salary required with a 10% down payment: $58,644
  • Salary required with a 20% down payment: $52,128
  • Median home price: $278,300

Phoenix, Arizona

  • Salary required with a 10% down payment: $60,162
  • Salary required with a 20% down payment: $53,477
  • Median home price: $285,500
Phoenix, Arizona.
Dennis Macdonald | Getty Images

New York, New York

  • Salary required with a 10% down payment: $88,672
  • Salary required with a 20% down payment: $78,820
  • Median home price: $420,800

Los Angeles, California

  • Salary required with a 10% down payment: $119,480
  • Salary required with a 20% down payment: $106,205
  • Median home price: $567,000

San Francisco, California

  • Salary required with a 10% down payment: $221,260
  • Salary required with a 20% down payment: $196,675
  • Median home price: $1.05 million

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