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Tajuk : Here’s the salary you have to earn to buy a home in 19 major US cities
link : Here’s the salary you have to earn to buy a home in 19 major US cities

Here’s the salary you have to earn to buy a home in 19 major US cities

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In the first quarter of 2017, mortgage rates and home prices continued to rise. Seattle, Washington (pictured), is one of the most expensive housing markets in the US.

If you want to buy a home, it will cost you.

Mortgage site HSH.com has updated its estimate of how much annual income a household would need to buy a home in major metropolitan areas in the US, according to first-quarter 2016 data.

In Q1, the site found that the prices of sold homes in the majority of the markets it examined dropped from Q4 2016, but an increase in 30-year mortgage rates more than countered that drop. Between the mortgage rates and the prices — which may have been less than Q4 but were still more than a year prior — the average home price increased by about 9% across all markets.

HSH.com looked at median home prices from the National Association of Realtors. It took into account interest rates for common 30-year fixed-rate mortgages and property taxes and insurance costs to figure out how much money it would take to pay a median-priced home’s mortgage, taxes, and insurance in each city, and how much you’d have to earn to afford it.

HSH.com emphasizes that this is only the base cost of owning a home, without taking into account maintenance and other incidentals.

The site also calculated how it would change the salary needed to buy a home if a buyer were to put 10% down instead of the recommended 20%. No matter where you are, putting down less makes things more expensive — you can visit HSH.com to see both numbers.

Salaries are listed from lowest to highest needed and are rounded to the nearest $500.

19. San Antonio

Population: 1,409,000

Median home price: $202,600

Monthly mortgage payment: $1,186

Salary needed to buy: $51,000

18. Philadelphia

Population: 1,517,628

Median home price: $209,000

Monthly mortgage payment: $1,221

Salary needed to buy: $52,500

17. Orlando

Population: 255,483

Median home price: $230,000

Monthly mortgage payment: $1,229

Salary needed to buy: $52,500

16. Minneapolis

Population: 407,207

Median home price: $234,700

Monthly mortgage payment: $1,254

Salary needed to buy: $54,000

15. Baltimore

Population: 640,064

Median home price: $237,600

Monthly mortgage payment: $1,281

Salary needed to buy: $55,000

14. Houston

Population: 2,076,189

Median home price: $222,300

Monthly mortgage payment: $1,296

Salary needed to buy: $55,500

13. Dallas

Population: 2,518,638

Median home price: $236,500

Monthly mortgage payment: $1,362

Salary needed to buy: $58,500

12. Chicago

Population: 2,824,584

Median home price: $228,600

Monthly mortgage payment: $1,386

Salary needed to buy: $59,500

11. Sacramento

Population: 479,686

Median home price: $319,700

Monthly mortgage payment: $1,589

Salary needed to buy: $68,000

10. Miami

Population: 417,650

Median home price: $318,000

Monthly mortgage payment: $1,637

Salary needed to buy: $70,000

9. Portland

Population: 609,456

Median home price: $359,900

Monthly mortgage payment $1,727

Salary needed to buy: $74,000

8. Denver

Population: 649,495

Median home price: $396,100

Monthly mortgage payment: $1,812

Salary needed to buy: $77,500

7. Washington, DC

Population: 582,049

Median home price: $383,500

Monthly mortgage payment: $1,926

Salary needed to buy: $82,500

6. Seattle

Population: 652,405

Median home price: $422,100

Monthly mortgage payment: $2,017

Salary needed to buy: $86,500

5. Boston

Population: 645,966

Median home price: $414,200

Monthly mortgage payment: $2,133

Salary needed to buy: $91,500

4. New York City

Population: 8,213,839

Median home price: $386,000

Monthly mortgage payment: $2,233

Salary needed to buy: $95,500

3. Los Angeles

Population: 3,794,640

Median home price: $465,800

Monthly mortgage payment: $2,299

Salary needed to buy: $98,500

2. San Diego

Population: 1,284,347

Median home price: $564,000

Monthly mortgage payment: $2,605

Salary needed to buy: $111,500

1. San Francisco

Population: 777,660

Median home price: $815,400

Monthly mortgage payment: $3,759

Salary needed to buy: $161,000

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