Home affordability in major metropolitan areas

HSH.com Published:

HSH.com looked at mortgage rates and median home prices in 25 of the country's largest metropolitan areas to determine how much salary a person needs to earn to cover the principal and interest payments on the average home. Property taxes, insurance and other expenses do not factor in this calculation.

In the most recent update of the study, using data from the fourth quarter of 2013, HSH.com found that affordability has increased significantly since the third quarter of 2013 as home prices and mortgage rates have fallen.

Below are the 25 metropolitan areas, ranked in order of the salary needed in those areas to afford a median-priced home, along with a link to the full slideshow.

1. Cleveland: $19,435.17

2. Cincinnati: $22,226.95

3. St. Louis: $22,397.54

4. Atlanta: $24,390.94

5. Tampa: $24,650.88

6. Orlando: $28,298.47

7. San Antonio: $29,305.47

8. Dallas: $29,751.24

9. Houston: $31,298.99

10. Chicago: $32,388.90

11. Phoenix: $32,811.94

12. Minneapolis: $33,800.09

13. Philadelphia: $36,836.47

14. Baltimore: $41,155.40

15. Sacramento: $42,832.20

16. Miami: $43,918.66

17. Portland, Ore.: $45,872.78

18. Denver: $48,122.72

19. Seattle: $59,129.86

20. Washington, D.C.: $62,809.63

21. Boston: $63,673.13

22. New York City: $66,167.27

23. Los Angeles: $72,126.90

24. San Diego: $81,570.40

25. San Francisco: $115,510.06

For the full analysis as well as the detailed methodology, go to http://www.hsh.com/finance/mortgage/salary-home-buying-25-cities.html.

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