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How much you need to earn to own a home

Tuesday - 5/20/2014, 1:05pm  ET

home for sale (getty images)
The salaries needed to buy homes across the country vary widely, from less than $27,800 in Cleveland to more than $137,000 in San Francisco. (Tim Boyle/Getty Images News/Getty Images)

WASHINGTON -- The difference in how much you need to earn to buy a home in Cleveland, Ohio versus San Francisco is more than $117,000.

San Francisco ranks as the most expensive of 27 metro areas when it comes to home buying, while Cleveland is the cheapest, according to data crunched by HSH.com, a publisher of mortgage and consumer loan information

HSH.com evaluated median home prices and first-quarter average interest rates to determine how much of a homeowner's salary it would take to afford owning a home.

In San Francisco, it would take a salary of more than $137,000 to own a home with a median price of $679,800. In Cleveland, a home buyer would need to make just under $27,800 to own a median-priced home of $102,100.

D.C. ranks No. 22 on the list. In the District, a homeownere would need a salary of just over $75,500 to own a $358,900 home, HSH.com says.

In Baltimore, 16th on the list, to buy a $224,500 home, a buyer would need a salary just over $53,000.

Here's how the cities rank and the salaries needed to buy a home, from cheapest to most expensive:

  1. Cleveland: $29,788.67

  2. Pittsburgh: $30,177.78

  3. St. Louis: $31,275.49

  4. Cincinnati: $31,850.18

  5. Detroit: $32,250.30

  6. Atlanta: $34,183.44

  7. Tampa: $36,437.56

  8. Phoenix: $41,308.74

  9. Orlando: $43,243.95

  10. San Antonio: $44,506.00

  11. Minneapolis: $45,732.39

  12. Dallas: $47,708.77

  13. Houston: $49,036.60

  14. Philadelphia: $50,546.25

  15. Chicago: $52,866.88

  16. Baltimore: $53,078.51

  17. Sacramento: $58,113.87

  18. Miami: $59,734.23

  19. Denver: $59,892.46

  20. Portland, Ore.: $60,307.71

  21. Seattle: $73,851.06

  22. Washington, D.C.: $78,503.56

  23. Boston: $79,820.01

  24. Los Angeles: $85,964.88

  25. New York City: $89,788.69

  26. San Diego: $98,534.22

  27. San Francisco: $137,129.55

The chart below shows how the numbers break down by city.

Cities30-Year Fixed Mortgage Rate % Change from 4Q 2013Median Home Price% Change from 4Q 2013Monthly PaymentSalary needed
Cleveland4.50%0.06$102,100 -9.49 $695.07 $29,788.67
Pittsburgh4.36%0.04$120,000 -6.69$704.15 $30,177.78
St. Louis4.40%-0.01$120,500 -7.52$729.76 $31,275.49
Cincinnati4.53%0.08$121,700 -5.44$743.17 $31,850.18
Detroit4.59%0.1$110,750 -9.72 $752.51 $32,250.30
Atlanta4.44%-0.03$141,900 -0.35 $797.61 $34,183.44
Tampa4.54%0.04$145,000 1.83 $850.21 $36,437.56
Phoenix4.48%0.07$194,300 0.83 $963.87 $41,308.74
Orlando4.47%-0.01$178,000 7.36 $1,009.03 $43,243.95
San Antonio4.62%0.13$169,300 -1.4$1,038.47 $44,506.00
Minneapolis4.52%0.02$188,200 -4.52$1,067.09 $45,732.39
Dallas4.48%0.02$174,800 0.52 $1,113.20 $47,708.77
Houston4.49%0.02$184,600 1.26 $1,144.19 $49,036.60
Philadelphia4.52%0.09$201,800 -5.83$1,179.41 $50,546.25
Chicago4.52%0.02$176,900 -5.45 $1,233.56 $52,866.88
Baltimore4.44%0.07$224,500 -7.12 $1,238.50 $53,078.51
Sacramento4.55%0.02$255.80 2.17 $1,355.99 $58,113.87
Miami4.53%0.06$259,000 1.61 $1,393.80 $59,734.23
Denver4.53%0.04$288,400 3.26 $1,397.49 $59,892.46
Portland4.57%0.06$271,900 1.64 $1,407.18 $60,307.71
Seattle4.59%0.07$339,900 -1.31 $1,723.19 $73,851.06
Washington D.C.4.45%0.07$358,900 -2.47$1,831.75 $78,503.56
Boston4.47%0.06$363,200 -2.18 $1,862.47 $79,820.01
Los Angeles4.52%0.06$406,200 -3.99$2,005.85 $85,964.88
New York City4.53%0.05$388,900 0.67$2,095.07 $89,788.69
San Diego4.56%0.03$483,000 1.3 $2,299.13 $98,534.22
San Francisco4.39%0$679,800 -0.38$3,199.69 $137,129.55

Source: HSH.com

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