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HSH.com has examined mortgage rates and median home prices in 25 of the country’s largest metropolitan areas to determine how much of a salary one would need in order to cover the principal and interest payments on the average home. Property taxes, insurance and other expenses do not factor in this calculation. In the most recent update of the study, using data from the fourth quarter of 2013, HSH.com found that affordability has increased significantly since the third quarter of 2013 as home prices and mortgage rates have fallen.
Below you will find the 25 metropolitan areas, ranked in order of the salary needed in those areas to afford a median-priced home:
1. Cleveland: $19,435.17
2. Cincinnati: $22,226.95
3. St. Louis: $22,397.54
4. Atlanta: $24,390.94
5. Tampa: $24,650.88
6. Orlando: $28,298.47
7. San Antonio: $29,305.47
8. Dallas: $29,751.24
9. Houston: $31,298.99
10. Chicago: $32,388.90
11. Phoenix: $32,811.94
12. Minneapolis: $33,800.09
13. Philadelphia: $36,836.47
14. Baltimore: $41,155.40
15. Sacramento: $42,832.20
16. Miami: $43,918.66
17. Portland, Ore.: $45,872.78
18. Denver: $48,122.72
19. Seattle: $59,129.86
20. Washington, D.C.: $62,809.63
21. Boston: $63,673.13
22. New York City: $66,167.27
23. Los Angeles: $72,126.90
24. San Diego: $81,570.40
25. San Francisco: $115,510.06
