Salary needed to buy a home?

According to mortgage site HSH.com, you need to earn $147,996 a year to afford the city’s median home price of $781,600 in the Bay area. Out of 27 major metros reviewed, San Francisco needs the highest salary to pay your mortgage on a median-priced home.

On the other hand, home buyers in Detroit only need to earn $36,915 annually to afford the median home price of $148,667.

Home buyers who want to live out West will need to earn the most to afford a home. The National Association of REALTORS® data shows the following median home prices in 2015 across the four major geographic areas in the U.S.:

  • Northeast: $262,500
  • Midwest: $175,500
  • South: $196,400
  • West: $319,100

Take a look at this 3D map from HSH.com, showing a break down how much home buyers need to earn in each of the 27 metros analyzed.

home-buying-map-wage-final-c108

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