How much do you have to make to buy a median-priced home in a metropolitan area in the United States? Somewhere between $32,000 and $160,000. It all depends on where you live.
The variations in home prices and the incomes it takes to support them are so widespread, even among major cities, they seem to exist in different universes.
Home prices are increasing, but that too varies by region. Prices in Pittsburgh increased by 1.56 percent in a year, while those in Tampa, Fla., soared by 14.85 percent in a year, according to HSH.com, a mortgage information website.
HSH looked at 27 metropolitan areas and ranked them by how much salary it takes to buy a median-priced home. The website calculated the costs based on a 20 percent down payment with 28 percent of a person’s salary going to monthly housing costs.
Following are the five most expensive and five least expensive of the 27 metropolitan areas examined, with both listed in reverse order. The cost includes principal, interest, taxes and insurance. The report is available here.
These are the five most expensive U.S. cities, with the median home price, the monthly payment and the salary needed to support it:
5. Boston: $382,300; $2,084; $89,300
4. New York City: $417.400; $2,162; $92,665
3. Los Angeles: $503,400; $2,294; $98,315
2. San Diego: $593,000; $2,649; $113,530
1. San Francisco: $837,500; $3,747; $160,590
The five least expensive are:
5. Detroit: $164,650; $912; $39,093
4. St. Louis: $160,800; $885; $37,922
3. Cincinnati: $151,200; $852; $36,520
2. Cleveland: $131,000; $755; $33,379
1. Pittsburgh: $130,000; $755; $32,374
