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The salary you need to buy a house in 10 of the largest cities in the US

Twenty/20

If you're in the market for a house, you might want to look outside of California. According to a new report from HSH.com, a site that tracks mortgage rates, the four most expensive metro areas in the country are in the Golden State.

HSH.com's quarterly report estimates the annual income needed to qualify for the median mortgage in the 50 largest metro areas in the U.S. It uses data from the National Association of Realtors, the Mortgage Bankers Association and available property tax and insurance information to make its calculations.

It also assumes a down payment of 20%, a fixed-rate, 30-year mortgage and an industry standard 28% debt-to-income ratio for buyers.

Across the U.S., the median home price in the second quarter of 2019 — which is what the report is based on — was $279,600, requiring an annual salary of at least $61,123 to afford and a monthly mortgage payment of $1,426.21. But the median price in individual metro areas can be much higher or lower than that national median.

Here are the 10 U.S. markets with the highest incomes required to buy a median priced home:

10. Portland

Annual salary required: $83,522.03
Median home price: $415,300
Monthly payment: $1,948.85

9. Denver

Annual salary required: $90,389.26
Median home price: $471,400
Monthly payment: $2,109.08

8. Washington D.C.

Annual salary required: $94,448.22
Median home price: $456,500
Monthly payment: $2,203.79

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7. New York City

Annual salary required: $102,237.58
Median home price: $420,800
Monthly payment: $2,385.54

6. Seattle

Annual salary required: $106,618.90
Median home price: $542,700
Monthly payment: $2,487.77

5. Boston

Annual salary required: $107,379.75
Median home price: $506,700
Monthly payment: $2,505.53

4. Los Angeles

Annual salary required: $111,749.70
Median home price: $567,000
Monthly payment: $2,607.49

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3. San Diego

Annual salary required: $127,292.88
Median home price: $655,000
Monthly payment: $2,970.17

2. San Francisco

Annual salary required: $201,430.63
Median home price: $1,050,000
Monthly payment: $4,700.05

1. San Jose

Annual salary required: $249,884.51
Median home price: $1,330,000
Monthly payment: $5,830.64

On the flip side, the largest U.S. markets with the lowest incomes required for the median home price include Pittsburgh ($38,524), Oklahoma City ($39,073), Cleveland ($41,258), Memphis ($42,033) and Indianapolis ($42,432).

Don't miss: This map shows the US cities with the greatest income inequality

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