The Household Income a Family Needs To Buy a Home in 50 Major Cities in 2024
Housing prices and the general cost of living have soared over the past few years, with average incomes struggling to keep up. According to Zillow, homebuyers need $47,000 more to buy a home than they did in 2020 — a large jump without a substantial change in income.
Even dual-income households still find it difficult to purchase a home in choice locations, with the average salary in the U.S. at $61,220.
However, household income is not the only metric to consider while buying a home. Current savings, investments, expenses, debt, long-term financial plans, external support and what kind of home you’d like to purchase are other important factors to consider, depending on your family’s needs.
GOBankingRates analyzed the top 200 major cities in the U.S., looking at their population totals, median incomes and average household values in each city. From this data, the household income a family needs to buy a home in 2024 varies greatly across the U.S.
Here’s the household income a family needs to purchase a home in 50 major cities in the U.S:
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Arlington, Texas
Population total: 393,469
Median income: $71,736
Livability: 78
Household average value: $324,247
Household 10% down payment: $32,424.70
Monthly mortgage cost: $1,940
Monthly expenditure cost: $2,784
Monthly total cost: $4,724
Salary needed: $113,373
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Wichita, Kansas
Population total: 395,951
Median income: $60,712
Livability: 68
Household average value: $197,243
Household 10% down payment: $19,724.30
Monthly mortgage cost: $1,180
Monthly expenditure cost: $2,868
Monthly total cost: $4,048
Salary needed: $97,147
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Bakersfield, California
Population total: 404,321
Median income: $73,827
Livability: 57
Household average value: $386,811
Household 10% down payment: $38,681.10
Monthly mortgage cost: $2,314
Monthly expenditure cost: $2,822
Monthly total cost: $5,136
Salary needed: $123,257
Tulsa, Oklahoma
Population total: 411,938
Median income: $56,648
Livability: 75
Household average value: $209,581
Household 10% down payment: $20,958.10
Monthly mortgage cost: $1,254
Monthly expenditure cost: $2,688
Monthly total cost: $3,941
Salary needed: $94,593
Minneapolis
Population total: 426,877
Median income: $76,332
Livability: 78
Household average value: $342,444
Household 10% down payment: $34,244.40
Monthly mortgage cost: $2,048
Monthly expenditure cost: $2,964
Monthly total cost: $5,013
Salary needed: $120,301
Oakland, California
Population total: 437,825
Median income: $94,389
Livability: 71
Household average value: $890,225
Household 10% down payment: $89,022.50
Monthly mortgage cost: $5,325
Monthly expenditure cost: $3,441
Monthly total cost: $8,766
Salary needed: $210,375
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Miami
Population total: 443,665
Median income: $54,858
Livability: 81
Household average value: $635,356
Household 10% down payment: $63,535.60
Monthly mortgage cost: $3,800
Monthly expenditure cost: $2,803
Monthly total cost: $6,603
Salary needed: $158,477
Virginia Beach, Virginia
Population total: 457,900
Median income: $87,544
Livability: 83
Household average value: $414,686
Household 10% down payment: $41,468.60
Monthly mortgage cost: $2,481
Monthly expenditure cost: $3,092
Monthly total cost: $5,573
Salary needed: $133,747
Long Beach, California
Population total: 462,293
Median income: $78,995
Livability: 69
Household average value: $916,271
Household 10% down payment: $91,627.10
Monthly mortgage cost: $5,481
Monthly expenditure cost: $2,983
Monthly total cost: $8,464
Salary needed: $203,137
Raleigh, North Carolina
Population total: 465,517
Median income: $78,631
Livability: 84
Household average value: $452,411
Household 10% down payment: $45,241.10
Monthly mortgage cost: $2,706
Monthly expenditure cost: $2,784
Monthly total cost: $5,490
Salary needed: $131,753
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Colorado Springs, Colorado
Population total: 479,612
Median income: $79,026
Livability: 79
Household average value: $466,279
Household 10% down payment: $46,627.90
Monthly mortgage cost: $2,789
Monthly expenditure cost: $2,854
Monthly total cost: $5,643
Salary needed: $135,435
Omaha, Nebraska
Population total: 489,201
Median income: $70,202
Livability: 83
Household average value: $283,135
Household 10% down payment: $28,313.50
Monthly mortgage cost: $1,694
Monthly expenditure cost: $3,046
Monthly total cost: $4,740
Salary needed: $113,750
Atlanta
Population total: 494,838
Median income: $77,655
Livability: 78
Household average value: $452,015
Household 10% down payment: $45,201.50
Monthly mortgage cost: $2,704
Monthly expenditure cost: $2,773
Monthly total cost: $5,477
Salary needed: $131,447
Mesa, Arizona
Population total: 503,390
Median income: $73,766
Livability: 81
Household average value: $452,888
Household 10% down payment: $45,288.80
Monthly mortgage cost: $2,709
Monthly expenditure cost: $2,722
Monthly total cost: $5,431
Salary needed: $130,349
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Kansas City, Missouri
Population total: 505,958
Median income: $65,256
Livability: 78
Household average value: $243,648
Household 10% down payment: $24,364.80
Monthly mortgage cost: $1,457
Monthly expenditure cost: $2,653
Monthly total cost: $4,110
Salary needed: $98,651
Sacramento, California
Population total: 523,600
Median income: $78,954
Livability: 73
Household average value: $491,908
Household 10% down payment: $49,190.80
Monthly mortgage cost: $2,942
Monthly expenditure cost: $3,044
Monthly total cost: $5,986
Salary needed: $143,673
Tucson, Arizona
Population total: 541,033
Median income: $52,049
Livability: 73
Household average value: $341,273
Household 10% down payment: $34,127.30
Monthly mortgage cost: $2,041
Monthly expenditure cost: $2,591
Monthly total cost: $4,633
Salary needed: $111,186
Fresno, California
Population total: 541,528
Median income: $63,001
Livability: 63
Household average value: $391,610
Household 10% down payment: $39,161
Monthly mortgage cost: $2,342
Monthly expenditure cost: $2,832
Monthly total cost: $5,174
Salary needed: $124,176
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Albuquerque, New Mexico
Population total: 562,551
Median income: $61,503
Livability: 72
Household average value: $335,832
Household 10% down payment: $33,583.20
Monthly mortgage cost: $2,009
Monthly expenditure cost: $2,588
Monthly total cost: $4,597
Salary needed: $110,336
Milwaukee
Population total: 573,299
Median income: $49,733
Livability: 79
Household average value: $205,132
Household 10% down payment: $20,513.20
Monthly mortgage cost: $1,227
Monthly expenditure cost: $2,798
Monthly total cost: $4,025
Salary needed: $96,602
Baltimore
Population total: 584,548
Median income: $58,349
Livability: 77
Household average value: $186,037
Household 10% down payment: $18,603.70
Monthly mortgage cost: $1,113
Monthly expenditure cost: $2,714
Monthly total cost: $3,827
Salary needed: $91,846
Louisville, Kentucky
Population total: 629,176
Median income: $63,114
Livability: 66
Household average value: $246,451
Household 10% down payment: $24,645.10
Monthly mortgage cost: $1,474
Monthly expenditure cost: $2,551
Monthly total cost: $4,025
Salary needed: $96,608
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Memphis, Tennessee
Population total: 630,027
Median income: $48,090
Livability: 70
Household average value: $149,486
Household 10% down payment: $14,948.60
Monthly mortgage cost: $894
Monthly expenditure cost: $2,633
Monthly total cost: $3,528
Salary needed: $84,661
Detroit
Population total: 636,787
Median income: $37,761
Livability: 73
Household average value: $72,292
Household 10% down payment: $7,229.20
Monthly mortgage cost: $432
Monthly expenditure cost: $2,599
Monthly total cost: $3,031
Salary needed: $72,744
Las Vegas
Population total: 644,835
Median income: $66,356
Livability: 82
Household average value: $441,334
Household 10% down payment: $44,133.40
Monthly mortgage cost: $2,640
Monthly expenditure cost: $2,806
Monthly total cost: $5,446
Salary needed: $130,708
Portland, Oregon
Population total: 646,101
Median income: $85,876
Livability: 78
Household average value: $566,065
Household 10% down payment: $56,606.50
Monthly mortgage cost: $3,386
Monthly expenditure cost: $2,957
Monthly total cost: $6,343
Salary needed: $152,230
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Boston
Population total: 665,945
Median income: $89,212
Livability: 77
Household average value: $803,072
Household 10% down payment: $80,307.20
Monthly mortgage cost: $4,804
Monthly expenditure cost: $3,358
Monthly total cost: $8,161
Salary needed: $195,873
Washington, D.C.
Population total: 670,587
Median income: $101,722
Livability: 75
Household average value: $733,917
Household 10% down payment: $73,391.70
Monthly mortgage cost: $4,390
Monthly expenditure cost: $3,509
Monthly total cost: $7,899
Salary needed: $189,569
El Paso, Texas
Population total: 677,181
Median income: $55,710
Livability: 81
Household average value: $223,722
Household 10% down payment: $22,372.20
Monthly mortgage cost: $1,338
Monthly expenditure cost: $2,485
Monthly total cost: $3,823
Salary needed: $91,752
Oklahoma City, Oklahoma
Population total: 681,088
Median income: $64,251
Livability: 81
Household average value: $207,622
Household 10% down payment: $20,762.20
Monthly mortgage cost: $1,242
Monthly expenditure cost: $2,690
Monthly total cost: $3,932
Salary needed: $94,359
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Nashville, Tennessee
Population total: 684,103
Median income: $71,328
Livability: 78
Household average value: $453,841
Household 10% down payment: $45,384.10
Monthly mortgage cost: $2,715
Monthly expenditure cost: $2,740
Monthly total cost: $5,455
Salary needed: $130,921
Denver
Population total: 710,800
Median income: $85,853
Livability: 72
Household average value: $625,555
Household 10% down payment: $62,555.50
Monthly mortgage cost: $3,742
Monthly expenditure cost: $3,084
Monthly total cost: $6,826
Salary needed: $163,826
Seattle
Population total: 734,603
Median income: $116,068
Livability: 75
Household average value: $974,599
Household 10% down payment: $97,459.90
Monthly mortgage cost: $5,830
Monthly expenditure cost: $3,039
Monthly total cost: $8,869
Salary needed: $212,847
San Francisco
Population total: 851,036
Median income: $136,689
Livability: 75
Household average value: $1,437,512
Household 10% down payment: $143,751.20
Monthly mortgage cost: $8,599
Monthly expenditure cost: $3,580
Monthly total cost: $12,178
Salary needed: $292,279
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Charlotte, North Carolina
Population total: 875,045
Median income: $74,070
Livability: 80
Household average value: $409,432
Household 10% down payment: $40,943.20
Monthly mortgage cost: $2,449
Monthly expenditure cost: $2,773
Monthly total cost: $5,222
Salary needed: $125,328
Indianapolis
Population total: 882,006
Median income: $59,110
Livability: 76
Household average value: $232,511
Household 10% down payment: $23,251.10
Monthly mortgage cost: $1,391
Monthly expenditure cost: $2,651
Monthly total cost: $4,041
Salary needed: $96,995
Columbus, Ohio
Population total: 902,449
Median income: $62,994
Livability: 81
Household average value: $262,926
Household 10% down payment: $26,292.60
Monthly mortgage cost: $1,573
Monthly expenditure cost: $2,721
Monthly total cost: $4,294
Salary needed: $103,054
Fort Worth, Texas
Population total: 924,663
Median income: $72,726
Livability: 80
Household average value: $309,142
Household 10% down payment: $30,914.20
Monthly mortgage cost: $1,849
Monthly expenditure cost: $2,790
Monthly total cost: $4,639
Salary needed: $111,336
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Jacksonville, Florida
Population total: 950,203
Median income: $64,138
Livability: 84
Household average value: $310,790
Household 10% down payment: $31,079
Monthly mortgage cost: $1,859
Monthly expenditure cost: $2,755
Monthly total cost: $4,614
Salary needed: $110,727
Austin, Texas
Population total: 958,202
Median income: $86,556
Livability: 83
Household average value: $578,348
Household 10% down payment: $57,834.80
Monthly mortgage cost: $3,459
Monthly expenditure cost: $2,790
Monthly total cost: $6,249
Salary needed: $149,976
San Jose, California
Population total: 1,001,176
Median income: $136,010
Livability: 79
Household average value: $1,581,617
Household 10% down payment: $158,161.70
Monthly mortgage cost: $9,461
Monthly expenditure cost: $3,445
Monthly total cost: $12,906
Salary needed: $309,747
Dallas
Population total: 1,300,642
Median income: $63,985
Livability: 81
Household average value: $336,851
Household 10% down payment: $33,685.10
Monthly mortgage cost: $2,015
Monthly expenditure cost: $2,777
Monthly total cost: $4,792
Salary needed: $115,001
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San Diego
Population total: 1,383,987
Median income: $98,657
Livability: 75
Household average value: $1,163,681
Household 10% down payment: $116,368.10
Monthly mortgage cost: $6,961
Monthly expenditure cost: $3,243
Monthly total cost: $10,204
Salary needed: $244,888
San Antonio
Population total: 1,445,662
Median income: $59,593
Livability: 80
Household average value: $262,090
Household 10% down payment: $26,209
Monthly mortgage cost: $1,568
Monthly expenditure cost: $2,645
Monthly total cost: $4,213
Salary needed: $101,104
Philadelphia
Population total: 1,593,208
Median income: $57,537
Livability: 76
Household average value: $217,595
Household 10% down payment: $21,795.50
Monthly mortgage cost: $1,302
Monthly expenditure cost: $2,881
Monthly total cost: $4,183
Salary needed: $100,388
Phoenix
Population total: 1,609,456
Median income: $72,092
Livability: 76
Household average value: $443,451
Household 10% down payment: $44,345.10
Monthly mortgage cost: $2,653
Monthly expenditure cost: $2,734
Monthly total cost: $5,386
Salary needed: $129,273
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Houston
Population total: 2,296,253
Median income: $60,440
Livability: 74
Household average value: $277,804
Household 10% down payment: $27,780.40
Monthly mortgage cost: $1,662
Monthly expenditure cost: $2,715
Monthly total cost: $4,377
Salary needed: $105,044
Chicago
Population total: 2,721,914
Median income: $71,673
Livability: 78
Household average value: $306,126
Household 10% down payment: $30,612.60
Monthly mortgage cost: $1,831
Monthly expenditure cost: $2,936
Monthly total cost: $4,767
Salary needed: $114,414
Los Angeles
Population total: 3,881,041
Median income: $76,244
Livability: 67
Household average value: $1,043,216
Household 10% down payment: $104,321.60
Monthly mortgage cost: $6,240
Monthly expenditure cost: $3,004
Monthly total cost: $9,245
Salary needed: $221,869
New York City
Population total: 8,622,467
Median income: $76,607
Livability: 75
Household average value: $777,820
Household 10% down payment: $77,782
Monthly mortgage cost: $4,653
Monthly expenditure cost: $3,637
Monthly total cost: $8,290
Salary needed: $198,958
Methodology: For this study, GOBankingRates analyzed the top 200 major cities by population as sourced from the U.S. Census American Community Survey. For each city, a number of factors were found, including total population, total households, household median income as sourced from the U.S. Census American Community Survey, livability index as sourced from AreaVibes, cost of living indexes as sourced from Sperlings BestPlaces, and the average single family home as sourced from Zillow Home Value Index. Assuming a 10% down payment and using the national average 30-year fixed mortgage rate, the average mortgage cost can be calculated. With the cost of living indexes and using the national average expenditure costs for a family, sourced from the Bureau of Labor Statistics 2022 Consumer Expenditure Survey for married couple with kid(s). Using the average expenditure and average mortgage costs, the total monthly cost of living can be calculated. Using the 50/30/20 rule that states the needs should not exceed 50% of the household income, the average household income is needed can be calculated. The cities were sorted by their total population to show the average household income a family needs to buy a home in major U.S. cities. All data was collected on and is up to date as of June 6, 2024.
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This article originally appeared on GOBankingRates.com: The Household Income a Family Needs To Buy a Home in 50 Major Cities in 2024