SOURCE: HSH.com

HSH.com

August 24, 2016 08:00 ET

The Salary Needed to Afford a Home in 27 Metro Areas

FOSTER CITY, CA--(Marketwired - August 24, 2016) - HSH.com's latest salary analysis reveals the yearly earnings required to afford a median-priced home in 27 of the largest metropolitan areas.

Unfortunately for prospective homebuyers, affordability declined in the majority of metro areas in the second quarter of 2016, as the required salary increased in 24 of the metro areas on our list.

Only three metropolitan areas on the list became more affordable: Tampa, Orlando and Miami.

Most affordable metropolitan areas Required salary to afford a median-priced home
 1. Pittsburgh $32,390.09
 2. Cleveland $34,433.95
 3. Cincinnati $37,179.18
Least affordable metropolitan areas Required salary to afford a median-priced home
 1. San Francisco $161,947.60
 2. San Diego $109,440.97
 3. Los Angeles $92,091.89

To see the required salary to afford a median-priced home in 27 metropolitan areas and complete methodology, visit: http://www.hsh.com/finance/mortgage/salary-home-buying-25-cities.html

Here's more:

  • Mortgage rates fell in every metro on our list.
  • Several metros saw substantial price gains during the second quarter. Notable increases include: Cleveland at 24 percent, Chicago at 18 percent, Pittsburgh and Cincinnati at 17 percent.
  • After a 15-percent increase in the second quarter, the median price of a single-family home in the San Francisco metro is $885,600.

Keith Gumbinger, mortgage expert and vice president of HSH.com, is available for interviews at your request. For more information, please call (650)-703-6349.

About HSH.com

HSH.com is a trusted source of mortgage data, trends, news and analysis. Since 1979, HSH's market research and commentary has helped homeowners, buyers and sellers make smart financial choices and save money on mortgage and home equity products.

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