Buying a house is one of the biggest financial decisions in anyone's life. But depending on where you want to settle, that decision might require a massive chunk of change.
Mortgage website calculated the annual before-tax income required to pay the base costs of a home: a mortgage's principal, interest, tax, and insurance. They factored in averages when it came to mortgage interest rates and property taxes, and assumed the average buyer put 20 percent as a down payment. They also used the standard that a monthly payment on housing shouldn't exceed 28 percent of your income. So that said, your experience might be slightly different than the average.
Pittsburgh was the most affordable city when it comes to buying a house, with a salary of $32,390.09 necessary to become a homeowner. Cleveland was in second place, with $34,433.95 necessary, but saw a major price increase compared to the previous quarter. Other affordable cities include Cincinnati, St. Louis, and Detroit.
San Francisco was the priciest city to buy a house, with a whopping salary of $161,947.60 required to buy a house. HSH calls it the "king of inaffordability," and it's just getting worse with time. Other expensive home bases include San Diego, Los Angeles, and Boston.
What do you need to make to buy a house in your area? Check out HSH's map below: