Yahoo Finance How Much You Need To Earn To Comfortably Own a House in These 100 Big Cities
The differences in annual salary needed to afford a house across the U.S. are vast — even when you hone in on just the 100 largest housing markets.
In the most expensive housing market on that list, you need to make about $343,000 a year to comfortably own a home, according to recently released GOBankingRates estimates. In the least expensive housing market, an annual salary of just $14,000 may suffice.
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In the most expensive housing market, a 20% down payment on a home will run you nearly $329,000. In the least expensive housing market, you could theoretically buy five entire homes for that much.
GOBankingRates has included these two housing markets and all points in between in a new ranking of the 100 largest markets in the U.S. We’ve ranked them from least to most affordable, based on how large of a salary you need in each market.
To calculate salary needed for each market, GBR determined average home values based 2024 home values, then factored in a 30-year fixed-rate mortgage with an interest rate of 6.82% and a 20% down payment. GBR also assumed housing costs wouldn’t exceed 30% of gross income (though this is aspirational for many homebuyers and homeowners these days). A full methodology is included at the end of the story.
Here’s the list, complete with average home value, 20% down payment, monthly and annual mortgage cost and minimum salary needed for each market.
Irvine, California
Average home value (2024): $1,642,715
20% down payment: $328,543
Monthly mortgage: $8,585
Annual mortgage: $103,019
Minimum salary to comfortably afford home: $343,397
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San Jose, California
Average home value (2024): $1,505,320
20% down payment: $301,064
Monthly mortgage: $7,867
Annual mortgage: $94,403
Minimum salary to comfortably afford home: $314,676
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San Francisco, California
Average home value (2024): $1,366,329
20% down payment: $273,266
Monthly mortgage: $7,141
Annual mortgage: $85,686
Minimum salary to comfortably afford home: $285,621
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Honolulu, Hawaii
Average home value (2024): $1,269,355
20% down payment: $253,871
Monthly mortgage: $6,634
Annual mortgage: $79,605
Minimum salary to comfortably afford home: $265,349
San Diego, California
Average home value (2024): $1,110,793
20% down payment: $222,159
Monthly mortgage: $5,805
Annual mortgage: $69,661
Minimum salary to comfortably afford home: $232,203
Los Angeles, California
Average home value (2024): $1,026,703
20% down payment: $205,341
Monthly mortgage: $5,366
Annual mortgage: $64,387
Minimum salary to comfortably afford home: $214,625
Seattle, Washington
Average home value (2024): $927,531
20% down payment: $185,506
Monthly mortgage: $4,847
Annual mortgage: $58,168
Minimum salary to comfortably afford home: $193,893
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Anaheim, California
Average home value (2024): $907,766
20% down payment: $181,553
Monthly mortgage: $4,744
Annual mortgage: $56,929
Minimum salary to comfortably afford home: $189,762
Long Beach, California
Average home value (2024): $896,906
20% down payment: $179,381
Monthly mortgage: $4,687
Annual mortgage: $56,247
Minimum salary to comfortably afford home: $187,492
Chula Vista, California
Average home value (2024): $876,359
20% down payment: $175,272
Monthly mortgage: $4,580
Annual mortgage: $54,959
Minimum salary to comfortably afford home: $183,196
Oakland, California
Average home value (2024): $854,810
20% down payment: $170,962
Monthly mortgage: $4,467
Annual mortgage: $53,607
Minimum salary to comfortably afford home: $178,692
Santa Ana, California
Average home value (2024): $829,777
20% down payment: $165,956
Monthly mortgage: $4,336
Annual mortgage: $52,038
Minimum salary to comfortably afford home: $173,459
New York, New York
Average home value (2024): $762,312
20% down payment: $152,462
Monthly mortgage: $3,984
Annual mortgage: $47,807
Minimum salary to comfortably afford home: $159,356
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Boston, Massachusetts
Average home value (2024): $760,054
20% down payment: $152,011
Monthly mortgage: $3,972
Annual mortgage: $47,665
Minimum salary to comfortably afford home: $158,884
Naples, Florida
Average home value (2024): $723,787
20% down payment: $144,757
Monthly mortgage: $3,783
Annual mortgage: $45,391
Minimum salary to comfortably afford home: $151,302
Washington, D.C.
Average home value (2024): $718,310
20% down payment: $143,662
Monthly mortgage: $3,754
Annual mortgage: $45,047
Minimum salary to comfortably afford home: $150,157
Riverside, California
Average home value (2024): $628,435
20% down payment: $125,687
Monthly mortgage: $3,284
Annual mortgage: $39,411
Minimum salary to comfortably afford home: $131,370
Miami, Florida
Average home value (2024): $610,322
20% down payment: $122,064
Monthly mortgage: $3,190
Annual mortgage: $38,275
Minimum salary to comfortably afford home: $127,583
Denver, Colorado
Average home value (2024): $608,250
20% down payment: $112,108
Monthly mortgage: $3,179
Annual mortgage: $38,145
Minimum salary to comfortably afford home: $127,150
Jersey City, New Jersey
Average home value (2024): $590,595
20% down payment: $118,119
Monthly mortgage: $3,086
Annual mortgage: $37,038
Minimum salary to comfortably afford home: $123,459
Gilbert, Arizona
Average home value (2024): $576,862
20% down payment: $115,372
Monthly mortgage: $3,015
Annual mortgage: $36,177
Minimum salary to comfortably afford home: $120,589
Silver Spring, Maryland
Average home value (2024): $560,539
20% down payment: $112,108
Monthly mortgage: $2,929
Annual mortgage: $35,153
Minimum salary to comfortably afford home: $117,177
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Austin, Texas
Average home value (2024): $558,846
20% down payment: $111,769
Monthly mortgage: $2,921
Annual mortgage: $35,047
Minimum salary to comfortably afford home: $116,823
Reno, Nevada
Average home value (2024): $547,599
20% down payment: $109,520
Monthly mortgage: $2,862
Annual mortgage: $34,341
Minimum salary to comfortably afford home: $114,471
Portland, Oregon
Average home value (2024): $546,885
20% down payment: $109,377
Monthly mortgage: $2,858
Annual mortgage: $34,297
Minimum salary to comfortably afford home: $114,322
Chandler, Arizona
Average home value (2024): $533,097
20% down payment: $106,619
Monthly mortgage: $2,786
Annual mortgage: $33,432
Minimum salary to comfortably afford home: $111,440
Plano, Texas
Average home value (2024): $522,832
20% down payment: $104,566
Monthly mortgage: $2,732
Annual mortgage: $32,788
Minimum salary to comfortably afford home: $109,294
Aurora, Colorado
Average home value (2024): $504,866
20% down payment: $100,973
Monthly mortgage: $2,638
Annual mortgage: $31,662
Minimum salary to comfortably afford home: $105,538
Vancouver, Washington
Average home value (2024): $501,350
20% down payment: $100,270
Monthly mortgage: $2,620
Annual mortgage: $31,441
Minimum salary to comfortably afford home: $104,804
Henderson, Nevada
Average home value (2024): $484,929
20% down payment: $96,986
Monthly mortgage: $2,534
Annual mortgage: $30,411
Minimum salary to comfortably afford home: $101,371
Sacramento, California
Average home value (2024): $478,014
20% down payment: $95,603
Monthly mortgage: $2,498
Annual mortgage: $29,978
Minimum salary to comfortably afford home: $99,925
Boise, Idaho
Average home value (2024): $476,700
20% down payment: $95,340
Monthly mortgage: $2,491
Annual mortgage: $29,895
Minimum salary to comfortably afford home: $99,651
Marietta, Georgia
Average home value (2024): $475,922
20% down payment: $95,184
Monthly mortgage: $2,487
Annual mortgage: $29,846
Minimum salary to comfortably afford home: $99,488
Colorado Springs, Colorado
Average home value (2024): $455,797
20% down payment: $91,159
Monthly mortgage: $2,382
Annual mortgage: $28,584
Minimum salary to comfortably afford home: $95,281
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Newark, New Jersey
Average home value (2024): $453,868
20% down payment: $90,774
Monthly mortgage: $2,372
Annual mortgage: $28,463
Minimum salary to comfortably afford home: $94,878
Mesa, Arizona
Average home value (2024): $445,168
20% down payment: $89,034
Monthly mortgage: $2,326
Annual mortgage: $27,918
Minimum salary to comfortably afford home: $93,059
Nashville, Tennessee
Average home value (2024): $443,090
20% down payment: $88,618
Monthly mortgage: $2,316
Annual mortgage: $27,787
Minimum salary to comfortably afford home: $92,625
Raleigh, North Carolina
Average home value (2024): $441,590
20% down payment: $88,318
Monthly mortgage: $2,308
Annual mortgage: $27,693
Minimum salary to comfortably afford home: $92,311
Atlanta, Georgia
Average home value (2024): $437,452
20% down payment: $87,490
Monthly mortgage: $2,286
Annual mortgage: $27,434
Minimum salary to comfortably afford home: $91,446
Modesto, California
Average home value (2024): $436,756
20% down payment: $87,351
Monthly mortgage: $2,283
Annual mortgage: $27,390
Minimum salary to comfortably afford home: $91,301
Stockton, California
Average home value (2024): $436,668
20% down payment: $87,334
Monthly mortgage: $2,282
Annual mortgage: $27,385
Minimum salary to comfortably afford home: $91,282
Phoenix, Arizona
Average home value (2024): $434,636
20% down payment: $86,927
Monthly mortgage: $2,271
Annual mortgage: $27,257
Minimum salary to comfortably afford home: $90,857
Las Vegas, Nevada
Average home value (2024): $428,096
20% down payment: $85,619
Monthly mortgage: $2,237
Annual mortgage: $26,847
Minimum salary to comfortably afford home: $89,490
Orlando, Florida
Average home value (2024): $408,384
20% down payment: $81,677
Monthly mortgage: $2,134
Annual mortgage: $25,611
Minimum salary to comfortably afford home: $85,370
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Virginia Beach, Virginia
Average home value (2024): $402,524
20% down payment: $80,505
Monthly mortgage: $2,104
Annual mortgage: $25,243
Minimum salary to comfortably afford home: $84,145
Durham, North Carolina
Average home value (2024): $399,836
20% down payment: $79,967
Monthly mortgage: $2,090
Annual mortgage: $25,075
Minimum salary to comfortably afford home: $83,583
Charlotte, North Carolina
Average home value (2024): $399,000
20% down payment: $79,800
Monthly mortgage: $2,085
Annual mortgage: $25,022
Minimum salary to comfortably afford home: $83,408
Saint Petersburg, Florida
Average home value (2024): $392,091
20% down payment: $78,418
Monthly mortgage: $2,049
Annual mortgage: $24,589
Minimum salary to comfortably afford home: $81,964
Tampa, Florida
Average home value (2024): $388,462
20% down payment: $77,692
Monthly mortgage: $2,030
Annual mortgage: $24,362
Minimum salary to comfortably afford home: $81,205
Bakersfield, California
Average home value (2024): $383,909
20% down payment: $76,782
Monthly mortgage: $2,006
Annual mortgage: $24,076
Minimum salary to comfortably afford home: $80,253
Lawrenceville, Georgia
Average home value (2024): $381,528
20% down payment: $76,305.53
Monthly mortgage: $1,994
Annual mortgage: $23,927
Minimum salary to comfortably afford home: $79,756
Spokane, Washington
Average home value (2024): $380,668
20% down payment: $76,134
Monthly mortgage: $1,989
Annual mortgage: $23,873
Minimum salary to comfortably afford home: $79,576
Fresno, California
Average home value (2024): $379,687
20% down payment: $75,937
Monthly mortgage: $1,984
Annual mortgage: $23,811
Minimum salary to comfortably afford home: $79,370
Spring, Texas
Average home value (2024): $360,837
20% down payment: $72,167
Monthly mortgage: $1,886
Annual mortgage: $22,629
Minimum salary to comfortably afford home: $75,430
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Knoxville, Tennessee
Average home value (2024): $345,163
20% down payment: $69,033
Monthly mortgage: $1,804
Annual mortgage: $21,646
Minimum salary to comfortably afford home: $72,154
Katy, Texas
Average home value (2024): $344,058
20% down payment: $68,812
Monthly mortgage: $1,798
Annual mortgage: $21,577
Minimum salary to comfortably afford home: $71,923
Richmond, Virginia
Average home value (2024): $337,803
20% down payment: $67,561
Monthly mortgage: $1,765
Annual mortgage: $21,185
Minimum salary to comfortably afford home: $70,615
Tucson, Arizona
Average home value (2024): $334,729
20% down payment: $66,946
Monthly mortgage: $1,749
Annual mortgage: $20,992
Minimum salary to comfortably afford home: $69,973
Minneapolis, Minnesota
Average home value (2024): $328,806
20% down payment: $65,761
Monthly mortgage: $1,718
Annual mortgage: $20,620
Minimum salary to comfortably afford home: $68,734
Albuquerque, New Mexico
Average home value (2024): $323,814
20% down payment: $64,763
Monthly mortgage: $1,692
Annual mortgage: $20,307
Minimum salary to comfortably afford home: $67,691
Dallas, Texas
Average home value (2024): $322,416
20% down payment: $64,483
Monthly mortgage: $1,685
Annual mortgage: $20,220
Minimum salary to comfortably afford home: $67,399
Arlington, Texas
Average home value (2024): $315,774
20% down payment: $63,155
Monthly mortgage: $1,650
Annual mortgage: $19,803
Minimum salary to comfortably afford home: $66,010
Fort Worth, Texas
Average home value (2024): $302,386
20% down payment: $60,477
Monthly mortgage: $1,580
Annual mortgage: $18,963
Minimum salary to comfortably afford home: $63,212
Jacksonville, Florida
Average home value (2024): $302,301
20% down payment: $60,460
Monthly mortgage: $1,580
Annual mortgage: $18,958
Minimum salary to comfortably afford home: $63,194
Lexington, Kentucky
Average home value (2024): $295,398
20% down payment: $59,080
Monthly mortgage: $1,544
Annual mortgage: $18,525
Minimum salary to comfortably afford home: $61,751
Tallahassee, Florida
Average home value (2024): $291,107
20% down payment: $58,221
Monthly mortgage: $1,521
Annual mortgage: $18,256
Minimum salary to comfortably afford home: $60,854
Chicago, Illinois
Average home value (2024): $290,761
20% down payment: $58,152
Monthly mortgage: $1,520
Annual mortgage: $18,234
Minimum salary to comfortably afford home: $60,781
Saint Paul, Minnesota
Average home value (2024): $282,398
20% down payment: $56,480
Monthly mortgage: $1,476
Annual mortgage: $17,710
Minimum salary to comfortably afford home: $59,033
Omaha, Nebraska
Average home value (2024): $272,779
20% down payment: $54,556
Monthly mortgage: $1,426
Annual mortgage: $17,107
Minimum salary to comfortably afford home: $57,022
Lincoln, Nebraska
Average home value (2024): $271,653
20% down payment: $54,331
Monthly mortgage: $1,420
Annual mortgage: $17,036
Minimum salary to comfortably afford home: $56,787
Houston, Texas
Average home value (2024): $269,998
20% down payment: $54,000
Monthly mortgage: $1,411
Annual mortgage: $16,932
Minimum salary to comfortably afford home: $56,441
Greensboro, North Carolina
Average home value (2024): $256,284
20% down payment: $51,257
Monthly mortgage: $1,339
Annual mortgage: $16,072
Minimum salary to comfortably afford home: $53,574
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San Antonio, Texas
Average home value (2024): $255,223
20% down payment: $51,045
Monthly mortgage: $1,334
Annual mortgage: $16,006
Minimum salary to comfortably afford home: $53,352
Columbus, Ohio
Average home value (2024): $251,660
20% down payment: $50,332
Monthly mortgage: $1,315
Annual mortgage: $15,782
Minimum salary to comfortably afford home: $52,608
Winston-Salem, North Carolina
Average home value (2024): $249,988
20% down payment: $49,998
Monthly mortgage: $1,306
Annual mortgage: $15,677
Minimum salary to comfortably afford home: $52,258
Louisville, Kentucky
Average home value (2024): $238,487
20% down payment: $47,697
Monthly mortgage: $1,246
Annual mortgage: $14,956
Minimum salary to comfortably afford home: $49,854
New Orleans, Louisiana
Average home value (2024): $236,243
20% down payment: $47,249
Monthly mortgage: $1,235
Annual mortgage: $14,815
Minimum salary to comfortably afford home: $49,385
Kansas City, Missouri
Average home value (2024): $231,413
20% down payment: $46,283
Monthly mortgage: $1,209
Annual mortgage: $14,513
Minimum salary to comfortably afford home: $48,375
Cincinnati, Ohio
Average home value (2024): $230,372
20% down payment: $46,074
Monthly mortgage: $1,204
Annual mortgage: $14,447
Minimum salary to comfortably afford home: $48,158
Columbia, South Carolina
Average home value (2024): $228,281
20% down payment: $45,656
Monthly mortgage: $1,193
Annual mortgage: $14,316
Minimum salary to comfortably afford home: $47,720
Baton Rouge, Louisiana
Average home value (2024): $221,946
20% down payment: $44,389
Monthly mortgage: $1,160
Annual mortgage: $13,919
Minimum salary to comfortably afford home: $46,396
Pittsburgh, Pennsylvania
Average home value (2024): $221,713
20% down payment: $44,343
Monthly mortgage: $1,159
Annual mortgage: $13,904
Minimum salary to comfortably afford home: $46,347
Indianapolis, Indiana
Average home value (2024): $221,203
20% down payment: $44,241
Monthly mortgage: $1,156
Annual mortgage: $13,872
Minimum salary to comfortably afford home: $46,241
Fort Wayne, Indiana
Average home value (2024): $219,713
20% down payment: $43,943
Monthly mortgage: $1,148
Annual mortgage: $13,779
Minimum salary to comfortably afford home: $45,929
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El Paso, Texas
Average home value (2024): $217,115
20% down payment: $43,423
Monthly mortgage: $1,135
Annual mortgage: $13,616
Minimum salary to comfortably afford home: $45,386
Corpus Christi, Texas
Average home value (2024): $214,407
20% down payment: $42,881
Monthly mortgage: $1,121
Annual mortgage: $13,446
Minimum salary to comfortably afford home: $44,820
Buffalo, New York
Average home value (2024): $211,629
20% down payment: $42,326
Monthly mortgage: $1,106
Annual mortgage: $13,272
Minimum salary to comfortably afford home: $44,239
Philadelphia, Pennsylvania
Average home value (2024): $209,615
20% down payment: $41,923
Monthly mortgage: $1,095
Annual mortgage: $13,146
Minimum salary to comfortably afford home: $43,818
Lubbock, Texas
Average home value (2024): $204,585
20% down payment: $40,917
Monthly mortgage: $1,069
Annual mortgage: $12,830
Minimum salary to comfortably afford home: $42,767
Rochester, New York
Average home value (2024): $204,149
20% down payment: $40,830
Monthly mortgage: $1,067
Annual mortgage: $12,803
Minimum salary to comfortably afford home: $42,676
Oklahoma City, Oklahoma
Average home value (2024): $200,917
20% down payment: $40,183
Monthly mortgage: $1,050
Annual mortgage: $12,600
Minimum salary to comfortably afford home: $42,000
Tulsa, Oklahoma
Average home value (2024): $199,735
20% down payment: $39,947
Monthly mortgage: $1,044
Annual mortgage: $12,526
Minimum salary to comfortably afford home: $41,753
Milwaukee, Wisconsin
Average home value (2024): $191,487
20% down payment: $38,297
Monthly mortgage: $1,001
Annual mortgage: $12,009
Minimum salary to comfortably afford home: $40,029
Wichita, Kansas
Average home value (2024): $186,772
20% down payment: $37,354
Monthly mortgage: $976
Annual mortgage: $11,713
Minimum salary to comfortably afford home: $39,043
Baltimore, Maryland
Average home value (2024): $175,763
20% down payment: $35,153
Monthly mortgage: $919
Annual mortgage: $11,023
Minimum salary to comfortably afford home: $36,742
Saint Louis, Missouri
Average home value (2024): $166,639
20% down payment: $33,328
Monthly mortgage: $871
Annual mortgage: $10,450
Minimum salary to comfortably afford home: $34,835
Memphis, Tennessee
Average home value (2024): $142,858
20% down payment: $28,572
Monthly mortgage: $747
Annual mortgage: $8,959
Minimum salary to comfortably afford home: $29,863
Toledo, Ohio
Average home value (2024): $111,704
20% down payment: $22,341
Monthly mortgage: $584
Annual mortgage: $7,005
Minimum salary to comfortably afford home: $23,351
Cleveland, Ohio
Average home value (2024): $98,256
20% down payment: $19,651
Monthly mortgage: $513
Annual mortgage: $6,162
Minimum salary to comfortably afford home: $20,540
Detroit, Michigan
Average home value (2024): $66,686
20% down payment: $13,337
Monthly mortgage: $349
Annual mortgage: $4,182
Minimum salary to comfortably afford home: $13,940
Methodology: For this piece, GOBankingRates first isolated the 100 biggest housing markets according to Zillow’s February 2024 data. GOBankingRates then found the average 2024 home value for each of the 100 qualified cities. GOBankingRates then found the average monthly mortgage by using the following assumptions: a 30-year fixed rate mortgage with 20% down payment with a rate of 6.82%, as sourced from Freddie Mac for April 4, 2024. No P&I, HOA fees or property tax were included. With the monthly mortgage rate found, GOBankingRates was able to determine the minimum salary needed to comfortably afford a home by assuming housing costs could not exceed 30% of gross income. All data was collected and is up to date as of April 9, 2024.
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This article originally appeared on GOBankingRates.com: How Much You Need To Earn To Comfortably Own a House in These 100 Big Cities
