The cost of living in America varies wildly.
In Cleveland, people need a base salary of at least $19,435 a year to afford the average home, while San Franciscans must make upward of $115,000 annually.
HSH.com, an online mortgage and consumer loan information website, figured out how much a person would have to earn to afford a home in 25 of the country's largest metropolitan areas.
To do so, HSH looked at the National Association of Realtors’ fourth-quarter data for median home prices and HSH.com’s fourth-quarter average interest rate for 30-year, fixed-rate mortgages to determine how much money homebuyers would need to earn in order to afford only the principal and interest payment on a median-priced home in their market. (They did not account for property taxes, insurance, and other expenses — read their methodology here.)
CLEVELAND: You'd have to earn at least $19,435 to buy an average home.
Average home price: $112,800
Monthly mortgage payment: $453.49
Minimum annual salary: $19,435.17
Source: HSH.com. See their full methodology here
CINCINNATI: You'd have to earn at least $22,227 to buy an average home.
Average home price: $128,700
Monthly mortgage payment: $518.63
Minimum annual salary: $22,226.95
Source: HSH.com. See their full methodology here
ST. LOUIS: You'd have to earn at least $22,398 to buy an average home.
Average home price: $130,300
Monthly mortgage payment: $522.61
Minimum annual salary: $22,397.54
Source: HSH.com. See their full methodology here
ATLANTA: You'd have to earn at least $24,391 to buy an average home.
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Average home price: $142,400
Monthly mortgage payment: $569.12
Minimum annual salary: $24,390.94
Source: HSH.com. See their full methodology here
TAMPA: You'd have to earn at least $24,651 to buy an average home.
Average home price: $142,400
Monthly mortgage payment: $575.19
Minimum annual salary: $24,650.88
Source: HSH.com. See their full methodology here
ORLANDO: You'd have to earn at least $28,298 to buy an average home.
Average home price: $165,800
Monthly mortgage payment: $660.30
Minimum annual salary: $28,298.47
Source: HSH.com. See their full methodology here
SAN ANTONIO: You'd have to earn at least $29,305 to buy an average home.
Average home price: $171,700
Monthly mortgage payment: $683.79
Minimum annual salary: $29,305.47
Source: HSH.com. See their full methodology here
DALLAS: You'd have to earn at least $29,751 to buy an average home.
Average home price: $173,900
Monthly mortgage payment: $694.20
Minimum annual salary: $29,751.24
Source: HSH.com. See their full methodology here
HOUSTON: You'd have to earn at least $31,299 to buy an average home.
Average home price: $182,300
Monthly mortgage payment: $730.31
Minimum annual salary: $31,298.99
Source: HSH.com. See their full methodology here
CHICAGO: You'd have to earn at least $32,389 to buy an average home.
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Average home price: $187,100
Monthly mortgage payment: $755.74
Minimum annual salary: $32,388.90
Source: HSH.com. See their full methodology here
PHOENIX: You'd have to earn at least $32,812 to buy an average home.
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Average home price: $192,700
Monthly mortgage payment: $765.61
Minimum annual salary: $32,811.94
Source: HSH.com. See their full methodology here
MINNEAPOLIS: You'd have to earn at least $33,800 to buy an average home.
Average home price: $197,100
Monthly mortgage payment: $788.67
Minimum annual salary: $33,800.09
Source: HSH.com. See their full methodology here
PHILADELPHIA: You'd have to earn at least $36,836 to buy an average home.
Average home price: $214,300
Monthly mortgage payment: $859.52
Minimum annual salary: $36,836.47
Source: HSH.com. See their full methodology here
BALTIMORE: You'd have to earn at least $41,155 to buy an average home.
Average home price: $241,700
Monthly mortgage payment: $960.29
Minimum annual salary: $41,155.40
Source: HSH.com. See their full methodology here
SACRAMENTO: You'd have to earn at least $42,832 to buy an average home.
Average home price: $250,360
Monthly mortgage payment: $999.42
Minimum annual salary: $42,832.20
Source: HSH.com. See their full methodology here
MIAMI: You'd have to earn at least $43,918 to buy an average home.
Average home price: $254,900
Monthly mortgage payment: $1,024.77
Minimum annual salary: $43,918.66
Source: HSH.com. See their full methodology here
PORTLAND (OR): You'd have to earn at least $45,872 to buy an average home.
Average home price: $267,500
Monthly mortgage payment: $1,070.36
Minimum annual salary: $45,872.78
Source: HSH.com. See their full methodology here
DENVER: You'd have to earn at least $48,123 to buy an average home.
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Average home price: $279,300
Monthly mortgage payment: $1,122.86
Minimum annual salary: $48,122.72
Source: HSH.com. See their full methodology here
SEATTLE: You'd have to earn at least $59,130 to buy an average home.
Ryan Carver/Flickr
Average home price: $344,400
Monthly mortgage payment: $1,379.70
Minimum annual salary: $59,129.86
Source: HSH.com. See their full methodology here
WASHINGTON, D.C.: You'd have to earn at least $62,810 to buy an average home.
Average home price: $368,000
Monthly mortgage payment: $1,465.56
Minimum annual salary: $62,809.63
Source: HSH.com. See their full methodology here
BOSTON: You'd have to earn at least $63,673 to buy an average home.
Average home price: $371,300
Monthly mortgage payment: $1,485.71
Minimum annual salary: $63,673.13
Source: HSH.com. See their full methodology here
NEW YORK CITY: You'd have to earn at least $66,167 to buy an average home.
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Average home price: $386,300
Monthly mortgage payment: $1,543.90
Minimum annual salary: $66,167.27
Source: HSH.com. See their full methodology here
LOS ANGELES: You'd have to earn at least $72,127 to buy an average home.
REUTERS/Mario Anzuoni
Average home price: $423,900
Monthly mortgage payment: $1,682.96
Minimum annual salary: $72,126.90
Source: HSH.com. See their full methodology here
SAN DIEGO: You'd have to earn at least $81,570 to buy an average home.
Dancestrokes/Shutterstock
Average home price: $476,790
Monthly mortgage payment: $1,903.31
Minimum annual salary: $81,570.40
Source: HSH.com. See their full methodology here
SAN FRANCISCO :You'd have to earn at least $115,510 to buy an average home.
Average home price: $682,410
Monthly mortgage payment: $2,695.23
Minimum annual salary: $115,510.06
Source: HSH.com. See their full methodology here
You'd have to earn a lot more to live here.
Read more: http://www.businessinsider.com/salary-needed-to-buy-a-home-in-25-cities-2014-2?op=1#ixzz2tlgjKpUv
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