Housing prices in America

America is the 5th richest country in terms of average income

The average house costs $175000

But they vary from city to city here are the details


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The cost of living in America varies wildly.

Cheapest Major cities to buy a home

In Cleveland, people need a base salary of at least $19,435 a year to afford the average home, while San Franciscans must make upward of $115,000 annually.

HSH.com, an online mortgage and consumer loan information website, figured out how much a person would have to earn to afford a home in 25 of the country’s largest metropolitan areas.

To do so, HSH looked at the National Association of Realtors’ fourth-quarter data for median home prices andHSH.com’s fourth-quarter average interest rate for 30-year, fixed-rate mortgages to determine how much money homebuyers would need to earn in order to afford only the principal and interest payment on a median-priced home in their market. (They did not account for property taxes, insurance, and other expenses — read their methodology here.)

1. CLEVELAND: You’d have to earn at least $19,435 to buy an average home.

Average home price: $112,800

Monthly mortgage payment: $453.49

Minimum annual salary: $19,435.17

Source: HSH.comSee their full methodology here

2. CINCINNATI: You’d have to earn at least $22,227 to buy an average home.

Average home price: $128,700

Monthly mortgage payment: $518.63

Minimum annual salary: $22,226.95

Source: HSH.comSee their full methodology here

3. ST. LOUIS: You’d have to earn at least $22,398 to buy an average home.

Average home price: $130,300

Monthly mortgage payment: $522.61

Minimum annual salary: $22,397.54

Source: HSH.comSee their full methodology here

4. ATLANTA: You’d have to earn at least $24,391 to buy an average home.

 

 

Nrbelex via Compfight cc

Average home price: $142,400

Monthly mortgage payment: $569.12

Minimum annual salary: $24,390.94

Source: HSH.comSee their full methodology here

5. TAMPA: You’d have to earn at least $24,651 to buy an average home.

 

 

Average home price: $142,400

Monthly mortgage payment: $575.19

Minimum annual salary: $24,650.88

Source: HSH.comSee their full methodology here

7. ORLANDO: You’d have to earn at least $28,298 to buy an average home.

 

Average home price: $165,800

Monthly mortgage payment: $660.30

Minimum annual salary:  $28,298.47

Source: HSH.comSee their full methodology here

8. SAN ANTONIO: You’d have to earn at least $29,305 to buy an average home.

Average home price: $171,700

Monthly mortgage payment: $683.79

Minimum annual salary: $29,305.47

Source: HSH.comSee their full methodology here

9. DALLAS: You’d have to earn at least $29,751 to buy an average home.

 

downtown-dallas1

 

Average home price: $173,900

Monthly mortgage payment: $694.20

Minimum annual salary: $29,751.24

Source: HSH.comSee their full methodology here

10. HOUSTON: You’d have to earn at least $31,299 to buy an average home.

 

 

 

Average home price: $182,300

Monthly mortgage payment: $730.31

Minimum annual salary: $31,298.99

Source: HSH.comSee their full methodology here

11. CHICAGO: You’d have to earn at least $32,389 to buy an average home.

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Average home price: $187,100

Monthly mortgage payment: $755.74

Minimum annual salary: $32,388.90

Source: HSH.comSee their full methodology here

12. PHOENIX: You’d have to earn at least $32,812 to buy an average home.

Shutterstock

Average home price: $192,700

Monthly mortgage payment: $765.61

Minimum annual salary: $32,811.94

Source: HSH.comSee their full methodology here

13. MINNEAPOLIS: You’d have to earn at least $33,800 to buy an average home.

Average home price: $197,100

Monthly mortgage payment: $788.67

Minimum annual salary: $33,800.09

Source: HSH.comSee their full methodology here

14. PHILADELPHIA: You’d have to earn at least $36,836 to buy an average home.

 

Average home price: $214,300

Monthly mortgage payment: $859.52

Minimum annual salary: $36,836.47

Source: HSH.comSee their full methodology here

15. BALTIMORE: You’d have to earn at least $41,155 to buy an average home.

Average home price: $241,700

Monthly mortgage payment: $960.29

Minimum annual salary: $41,155.40

Source: HSH.comSee their full methodology here

16. SACRAMENTO: You’d have to earn at least $42,832 to buy an average home.

Average home price: $250,360

Monthly mortgage payment: $999.42

Minimum annual salary: $42,832.20

Source: HSH.comSee their full methodology here

17. MIAMI: You’d have to earn at least $43,918 to buy an average home.

 

4349636068_785b2abc31_b

 

Average home price: $254,900

Monthly mortgage payment: $1,024.77

Minimum annual salary: $43,918.66

Source: HSH.comSee their full methodology here

18. PORTLAND (OR): You’d have to earn at least $45,872 to buy an average home.

Average home price: $267,500

Monthly mortgage payment: $1,070.36

Minimum annual salary: $45,872.78

Source: HSH.comSee their full methodology here

19. DENVER: You’d have to earn at least $48,123 to buy an average home.

DENVER: You'd have to earn at least $48,123 to buy an average home.MomentsForZen/Flickr

Average home price: $279,300

Monthly mortgage payment: $1,122.86

Minimum annual salary: $48,122.72

Source: HSH.comSee their full methodology here

20. SEATTLE: You’d have to earn at least $59,130 to buy an average home.

SEATTLE: You'd have to earn at least $59,130 to buy an average home.Ryan Carver/Flickr

Average home price: $344,400

Monthly mortgage payment: $1,379.70

Minimum annual salary: $59,129.86

Source: HSH.comSee their full methodology here

21. WASHINGTON, D.C.: You’d have to earn at least $62,810 to buy an average home.

Average home price: $368,000

Monthly mortgage payment: $1,465.56

Minimum annual salary: $62,809.63

22. BOSTON: You’d have to earn at least $63,673 to buy an average home.

Average home price: $371,300

Monthly mortgage payment: $1,485.71

Minimum annual salary: $63,673.13

Source: HSH.comSee their full methodology here

23. NEW YORK CITY: You’d have to earn at least $66,167 to buy an average home.

NEW YORK CITY: You'd have to earn at least $66,167 to buy an average home.Shutterstock.com / upthebanner

Average home price: $386,300

Monthly mortgage payment: $1,543.90

Minimum annual salary: $66,167.27

Source: HSH.comSee their full methodology here

24. LOS ANGELES: You’d have to earn at least $72,127 to buy an average home.

LOS ANGELES: You'd have to earn at least $72,127 to buy an average home.REUTERS/Mario Anzuoni

Average home price: $423,900

Monthly mortgage payment: $1,682.96

Minimum annual salary: $72,126.90

Source: HSH.comSee their full methodology here

25. SAN DIEGO: You’d have to earn at least $81,570 to buy an average home.

SAN DIEGO: You'd have to earn at least $81,570 to buy an average home.Dancestrokes/Shutterstock

Average home price: $476,790

Monthly mortgage payment: $1,903.31

Minimum annual salary: $81,570.40

Source: HSH.comSee their full methodology here

25. SAN FRANCISCO :You’d have to earn at least $115,510 to buy an average home.

 

Average home price: $682,410

Monthly mortgage payment: $2,695.23

Minimum annual salary: $115,510.06

Source: HSH.comSee their full methodology here

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