Ranking Of The Salaries Needed To Buy A Home In 25 Cities

New York Smash Magazine  

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By Chelsea Kate Isaacs

How much do you need to earn to buy a home in America’s cities?

According to a new study conducted by, the largest publisher of mortgage and consumer loan information, affordability has declined significantly since the start of 2013, as home prices and mortgage rates have increased. looked at mortgage rates and median home prices in 25 of the country’s largest metropolitan areas to determine how much salary you need to earn to cover the principal and interest payments on the average home. Property taxes, insurance and other expenses do not factor in this calculation.

The study indicates that New York City requires the fourth highest salary ($71,254.65) in the nation to cover the costs necessary to purchase a home. Meanwhile, San Francisco requires the highest salary, at $125,071.78.

So, where can you move in to a home of your own with the lowest salary? With a salary of $22,348.03 needed to cover the principal and interest payments, the answer is Cleveland.

While some cities prove to be quite pricey, there are still a few affordable cities on the list.

“Housing affordability continues to be pretty strong in many areas of the country,” Keith Gumbinger, vice president of, told New York Smash. “However, firmer mortgage rates, tight underwriting conditions, firming home prices, thin inventories of properties for sale and the presence of cash buyers for lower-priced homes continue to make it a challenging environment for a would-be homeowner.”

Check out the complete list of 25 cities below:

1. Cleveland: $22,348.03
2. Cincinnati: $25,151.04
3. St. Louis: $25,227.82
4. Atlanta: $26,862.53
5. Tampa: $26,930.35
6. Orlando: $29,630.85
7. San Antonio: $31,154.35
8. Dallas: $32,051.99
9. Houston: $32,682.92
10. Phoenix: $33,497.81
11. Chicago: $37,078.02
12. Minneapolis: $37,114.99
13. Philadelphia: $40,517.29
14. Miami: $44,534.57
15. Sacramento: $45,345.74
16. Baltimore: $46,622.88
17. Portland, Ore.: $49,170.46
18. Denver: $50,662.05
19. Seattle: $63,145.41
20. Washington, D.C.: $68,345.39
21. Boston: $68,956.41
22. New York City: $71,254.65
23. Los Angeles: $79,176.55
24. San Diego: $85,842.74
25. San Francisco: $125,071.78