Here's the salary you have to earn to buy a home in 17 major US cities
Ventdusud/ShutterstockSan Francisco continues to require the highest income in the US.Buying a home is only getting more expensive.
Mortgage website HSH.com has updated its estimate of how much annual income a household would need to buy a home in major metro areas in the US, according to second-quarter 2015 data.
Prices have increased across the board.The site looked at median home prices from the National Association of Realtors, along with 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 would have to earn to afford it.
Salaries listed are rounded to the nearest $500.
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17. Minneapolis
Population: 407,207
Median Home Price: $229,200
Monthly Mortgage Payment: $1,189
Salary Needed To Buy: $51,000
16. Dallas
Population: 2,518,638
Median Home Price: $215,200
Monthly Mortgage Payment: $1,235
Salary Needed To Buy: $53,000
15. Houston
Population: 2,076,189
Median Home Price: $221,100
Monthly Mortgage Payment: $1,252
Salary Needed To Buy: $53,500
14. Philadelphia
Population: 1,517,628
Median Home Price: $231,700
Monthly Mortgage Payment: $1,269
Salary Needed To Buy: $54,500
13. Baltimore
Population: 640,064
Median Home Price: $254,500
Monthly Mortgage Payment: $1,303
Salary Needed To Buy: $56,000
12. Chicago
Population: 2,824,584
Median Home Price: $230,500
Monthly Mortgage Payment: $1,424
Salary Needed To Buy: $61,000
11. Sacramento
Population: 479,686
Median Home Price: $291,000
Monthly Mortgage Payment: $1,435
Salary Needed To Buy: $61,500
10. Miami
Population: 417,650
Median Home Price: $289,900
Monthly Mortgage Payment: $1,476
Salary Needed To Buy: $63,500
9. Portland
Population: 609,456
Median Home Price: $314,800
Monthly Mortgage Payment $1,516
Salary Needed To Buy: $65,000
8. Denver
Population: 649,495
Median Home Price: $362,900
Monthly Mortgage Payment: $1,631
Salary Needed To Buy: $70,000
7. Seattle
Population: 652,405
Median Home Price: $385,300
Monthly Mortgage Payment: $1,822
Salary Needed To Buy: $78,000
6. Washington, D.C.
Population: 582,049
Median Home Price: $403,800
Monthly Mortgage Payment: $1,937
Salary Needed To Buy: $83,000
5. Boston
Population: 645,966
Median Home Price: $414,600
Monthly Mortgage Payment: $2,010
Salary Needed To Buy: $86,000
4. Los Angeles
Population: 3,794,640
Median Home Price: $445,200
Monthly Mortgage Payment: $2,060
Salary Needed To Buy: $88,500
3. New York City
Population: 8,213,839
Median Home Price: $410,400
Monthly Mortgage Payment: $2,117
Salary Needed To Buy: $91,000
2. San Diego
Population: 1,284,347
Median Home Price: $547,800
Monthly Mortgage Payment: $2,446
Salary Needed To Buy: $105,000
1. San Francisco
Population: 777,660
Median Home Price: $841,600
Monthly Mortgage Payment: $3,684
Salary Needed To Buy: $158,000
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