In Cleveland, You Need a Salary of Just $19,000 to Afford An Average-Price Home

PHOTO: A tour boat travels under the Golden Gate Bridge as viewed from the Marin Headlands on Oct. 20, 2013, in San Francisco, Calif.
George Rose/Getty Images

How much do need to earn to buy a moderate home in U.S. major metro areas? A new study looked at 25 big cities across the country and determined the minimum salary you should earn to become a homeowner.

To buy a median-priced house, homebuyers on a budget have it made in Cleveland compared with San Francisco and San Diego in terms of what they need to earn. How much less do they have to earn?

Try 83 percent less, according to a study of mortgage rates and median home prices in 25 cities by mortgage website HSH.com. You would need a salary of $115,510.06 in San Francisco to afford a median-priced home in that city, while buying in Cleveland requires a salary of $19,435.17, according to HSH.

HSH looked at its own 30-year, fixed-rate mortgages and fourth-quarter median home prices from the National Association of Realtors. In their model, they used a 20 percent down payment. They did not account for the cost of taxes, insurance and other expenses to live in the home. HSH also did not look at debt, so their scenario demands good credit.

Monthly payment: $2,695.23. Mortgage rate: 4.28 percent

PHOTO: A tour boat travels under the Golden Gate Bridge as viewed from the Marin Headlands on Oct. 20, 2013, in San Francisco, Calif.
George Rose/Getty Images
1.
San Francisco

Salary: $115,510.06. House price: $682,410

Monthly payment: $1,903.31. Mortgage rate: 4.37 percent.

PHOTO: A view of the downtown skyline is seen from Harbor Island on July 31, 2013, in San Diego, Calif.
George Rose/Getty Images
2.
San Diego

Salary: $81,570.40. House price: $476,790.

Monthly payment: $1,682.96. Mortgage rate: 4.34 percent.

3.
Los Angeles

Salary: $72,126.90. House price: $423,900

Monthly payment: $1,543.90. Mortgage rate: 4.38 percent.

4.
New York City

Salary: $66,167.27. House price: $386,300.

Monthly payment: $1,485.71. Mortgage rate: 4.39 percent.

5.
Boston

Salary: $63,673.13. House price: $371,300.

Monthly payment: $1,465.56. Mortgage rate: 4.35 percent.

6.
Washington, D.C.

Salary: $62,809.63. House price: $368,000.

Monthly payment: $1,379.70. Mortgage rate: 4.40 percent.

7.
Seattle

Salary: $59,129.86. House price: $344,400.

Monthly payment: $1,122.86. Mortgage rate: 4.43 percent.

8.
Denver

Salary: $48,122.72. House price: $279,300.

Monthly payment: $1,070.36. Mortgage rate: 4.39 percent.

9.
Portland, Ore.

Salary: $45,872.78. House price: $267,500.

Monthly payment: $1,024.77. Mortgage rate: 4.43 percent.

10.
Miami

Salary: $43,918.66. House price: $254,900.

Monthly payment: $999.42. Mortgage rate: 4.37 percent.

11.
Sacramento

Salary: $42,832.20. House price: $250,360.

Monthly payment: $960.29. Mortgage rate: 4.33 percent.

12.
Baltimore

Salary: $41,155.40. House price: $241,700.

Monthly payment: $859.52. Mortgage rate: 4.41 percent.

13.
Philadelphia

Salary: $36,836.47. House price: $214,300.

Monthly payment: $788.67. Mortgage rate: 4.39 percent.

14.
Minneapolis

Salary: $33,800.09. House price: $197,100.

Monthly payment: $765.61. Mortgage rate: 4.33 percent.

15.
Phoenix

Salary: $32,811.94. House price: $192,700.

Monthly payment: $755.74. Mortgage rate: 4.47 percent.

16.
Chicago

Salary: $32,388.90. House price: $187,100.

Monthly payment: $730.31. Mortgage rate: 4.40 percent.

17.
Houston

Salary: $31,298.99. House price: $182,300.

Monthly payment: $694.20. Mortgage rate: 4.37.

18.
Dallas

Salary: $29,751.24. House price: $29,751.24.

Monthly payment: $683.79. Mortgage rate: 4.35 percent.

19.
San Antonio

Salary: $29,305.47. House price: $171,700.

Monthly payment: $660.30. Mortgage rate: 4.35 percent.

20.
Orlando

Salary: $28,298.47. House price: $165,800.

Monthly payment: $575.19. Mortgage rate: 4.47 percent.

21.
Tampa

Salary: $24,650.88. House price: $142,400.

Monthly payment: $569.12. Mortgage rate: 4.38 percent.

22.
Atlanta

Salary: $24,390.94. House price: $142,400.

Monthly payment: $522.61. Mortgage rate: 4.41 percent.

23.
St. Louis

Salary: $22,397.54. House price: $130,300.

Monthly payment: $518.63. Mortgage rate: 4.45 percent.

24.
Cincinnati

Salary: $22,226.95. House price: $128,700.

Monthly payment: $453.49. Mortgage rate: 4.43 percent.

25.
Cleveland

Salary: $19,435.17. House price: $112,800

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