Buying a house is the ultimate dream for almost everyone. And what is the salary needed to buy a home in the USA? Let’s find out.
Over the last 12 months, the cost of buying a home in 49 out of 50 metro areas in the USA has risen. The mortgage rates have also risen significantly – they are currently at a 7-year high. The median cost of buying a home in the USA is about $257,600.
In Pittsburgh, this falls to $141,625 while at the other end of the spectrum, in San Jose, the median cost of buying a home is about $1,250,000. To buy a home at this median price, one would have to earn a salary of atleast $61,453.51.
This takes into account the 20% down payment due, a 4.9% mortgage rate and PITI (the Principal, Interest, Taxes and Insurance) payable.
Pittsburg is the most affordable metro area in the USA to buy a home. It is followed by Cleveland and Buffalo.
However, the median price alone is not enough to calculate the ideal salary you would need to earn to buy a home. There is also local taxes, insurance etc. that needs to be considered.
Thus, though the median price of buying a home in Buffalo is less than that of buying a home in Oklahoma City, you would need to earn more in Buffalo than in Oklahoma City to buy a home for yourself.
| Metro Area | Median Home Price In USD | Salary Needed In USD |
|---|---|---|
| Pittsburgh | 141,625 | 37,659.86 |
| Cleveland | 150,100 | 40,437.72 |
| Buffalo | 154,200 | 45,698.05 |
| Oklahoma City | 161,000 | 41,335.41 |
| Cincinnati | 169,400 | 43,429.97 |
| Memphis | 174,000 | 41,400.93 |
| St. Louis | 174,100 | 44,215.56 |
| Loisville | 180,100 | 42,323.15 |
| Indianopolis | 185,200 | 42,288.92 |
| Birmingham | 202,300 | 44,593.35 |
San Jose followed by San Fransisco top the list of most expensive metro areas in the USA. In both cities, this is fueled by the Silicon Valley’s economic boom.
According to this list, New York City ranks 6th across the country but one must note that it takes into account the five boroughs of NYC as well as Jersey City, Newark and other neighboring counties.
| Metro Area | Median Home Price In USD | Salary Needed In USD |
|---|---|---|
| San Jose | 1,250,000 | 254,835.73 |
| San Fransisco | 952,200 | 198,978.01 |
| San Diego | 626,000 | 131,640.79 |
| Los Angeles | 576,100 | 123,156.01 |
| Seattle | 489,600 | 105,367.89 |
| Boston | 460,300 | 106,789.93 |
| Denver | 438,300 | 91,672.45 |
| Washington D.C. | 417,400 | 94,408.7 |
| New York City | 403,900 | 105,684.33 |
| Portland | 389,000 | 85,173.08 |
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