Our Spin on Vegas
By Tracy Kaye & Marie Fuentes

Saturday, May 31, 2014

Let Me Shock You!

A few days ago I ran across an article about the average home price and income needed to purchase a home in San Francisco, my partner Marie's, neck of the woods. She was sticker shocked. So it made me think, "let me shock everyone".

Consequently, I grabbed the data from the Census Bureau on the 50 largest metropolitan areas, and the data from the National Association of Realtors, on the average home prices in those cities for the 1st quarter of this year.

To get the income needed for each city, I ran the calculations for a 20% down, 30 year, conventional loan using Friday's interest rate of 4.14% retrieved from MortgageCalculator.org

The results are below, check your city out.



Metropolitan Area Home Price Salary Required Population
Atlanta, GA $141,900 $23,621 5,286,728
Austin, TX $226,300 $37,671 1,716,289
Baltimore, MD $224,500 $37,371 2,710,489
Birmingham, AL $153,000 $25,469 1,128,047
Boston, MA $363,200 $60,460 4,552,402
Buffalo, NY $122,000 $20,309 1,135,509
Charlotte, NC $167,500 $27,883 2,217,012
Chicago, IL $176,900 $29,448 9,461,105
Cincinnati, OH $121,700 $20,259 2,114,580
Cleveland, OH $102,100 $16,996 2,077,240
Columbus, OH $135,200 $22,506 1,901,974
Dallas, TX $174,800 $29,098 6,426,214
Denver, CO $288,400 $48,008 2,543,482
Detroit, MI N/A N/A 4,296,250
Hartford, CT $209,300 $34,841 1,212,381
Houston, TX $184,600 $30,729 5,920,416
Indianapolis, IN $132,900 $22,123 1,887,877
Jacksonville, FL $165,000 $27,467 1,345,596
Kansas City, MO $140,800 $23,438 2,009,342
Las Vegas, NV $191,600 $31,895 1,951,269
Los Angeles, CA $406,200 $67,618 12,828,837
Louisville, KY $131,100 $21,824 1,235,708
Memphis, TN $125,900 $20,958 1,324,829
Miami, FL $259,000 $43,114 5,564,635
Milwaukee, WI $186,000 $30,962 1,555,908
Minneapolis, MN $188,200 $31,329 3,348,859
Nashville, TN $168,000 $27,966 1,670,890
New Orleans, LA $157,600 $26,235 1,189,866
New York, NY $388,900 $64,738 19,567,410
Oklahoma City, OK $152,400 $25,369 1,252,987
Orlando, FL $178,000 $29,631 2,134,411
Philadelphia, PA $201,800 $33,593 5,965,343
Phoenix, AZ $194,300 $32,344 4,192,887
Pittsburgh, PA N/A N/A 2,356,285
Portland, OR $271,900 $45,262 2,226,009
Providence, RI $217,100 $36,139 1,600,852
Raleigh, NC $193,200 $32,161 1,130,490
Richmond, VA $202,400 $33,692 1,208,101
Riverside, CA $266,800 $44,413 4,224,851
Sacramento, CA $255,800 $42,582 2,149,127
Salt Lake City, UT $233,153 $38,812 1,087,873
San Antonio, TX $169,300 $28,182 2,142,508
San Diego, CA $483,000 $80,402 3,095,313
San Francisco, CA $679,800 $113,163 4,335,391
San Jose, CA $808,000 $134,503 1,836,911
Seattle, WA $339,900 $56,581 3,439,809
St. Louis, MO N/A N/A 2,787,701
Tampa, FL $145,000 $24,137 2,783,243
Virginia Beach, VA $175,000 $29,131 1,676,822
Washington, DC $358,900 $59,744 5,636,232
If you're looking to buy or sell a home anywhere in the world, we got you covered, please call us first!

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