HSH.com’s latest quarterly report tells us how much annual income is needed in order to qualify for a 20% down payment with a fixed rate 30-year mortgage at the current rates in US largest metros.

HSH, the largest publisher of mortgage information and tools, looked at Q2 2019 median prices sourced from the National Association of REALTORS® (NAR). It also used the industry standard of a 28% debt-to-income ratio to qualify prospective borrowers.   Monthly mortgage payments include principal, interest, property taxes and homeowners insurance.

The median home price in Q2 2019 was $279,6000 with a required annual income of $61,123.

Here are the Most Affordable Metros Requiring the Lowest Income in Q2 2019

Detroit

  • Required annual income – $46,031
  • Monthly mortgage payment – $1,074

St. Louis

  • Required annual income – $44,963
  • Monthly mortgage payment – $1,049

Cincinnati

  • Required annual income – $44,916
  • Monthly mortgage payment – $1,048

Buffalo

  • Required annual income – $43,857
  • Monthly mortgage payment – $1,023

Louisville

  • Required annual income – $42,512
  • Monthly mortgage payment – $992

Indianapolis

  • Required annual income – $42,432
  • Monthly mortgage payment – $990

Memphis

  • Required annual income – $42,033
  • Monthly mortgage payment – $981

Cleveland

  • Required annual income – $41,258
  • Monthly mortgage payment – $963

Oklahoma City

  • Required annual income – $39,073
  • Monthly mortgage payment – $911

Pittsburgh

  • Required annual income – $35,524
  • Monthly mortgage payment – $859

Here are the Least Affordable Metros Requiring the Highest Income in Q2 2019

San Jose

  • Required annual income – $239,895
  • Monthly mortgage payment – $5,831

San Francisco

  • Required annual income – $201,431
  • Monthly mortgage payment – $4,702

San Diego

  • Required annual income – $127,293
  • Monthly mortgage payment – $2,970

Los Angeles

  • Required annual income – $111,750
  • Monthly mortgage payment – $2,607

Boston

  • Required annual income – $107,380
  • Monthly mortgage payment – $2,506

Seattle

  • Required annual income – $106,619
  • Monthly mortgage payment – $2,488

New York

  • Required annual income – $102,237
  • Monthly mortgage payment – $2,386

Washington DC

  • Required annual income – $94,448
  • Monthly mortgage payment – $2,204

Denver

  • Required annual income – $90,389
  • Monthly mortgage payment – $2,109

Portland OR

  • Required annual income – $83,522
  • Monthly mortgage payment – $1,949

Also read: https://timandjulieharris.com/2019/09/30/low-interest-rates-bolster-august-existing-home-sales-and-refinancings.html, https://timandjulieharris.com/2019/10/02/home-prices-in-20-us-cities-show-most-lethargic-rise-since-2012.html, https://timandjulieharris.com/2019/09/30/now-a-sellers-market.html