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.
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 |
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