Key Highlights

  • HSH.com’s latest quarterly report breaks down annual necessary income to qualify for mortgage in largest 50 metro areas
  • 20% down payment and fixed-rate 30-year mortgage assumed with local property taxes and insurance costs included
  • Not included were home expenses such as utilities, maintenance and repairs

HSH conducts the nation’s largest editorial mortgage rate survey from retail mortgage lenders across the country. Its latest quarterly report indicates how much annual income is needed to obtain a mortgage in the nation’s largest metro areas.

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The national median home price in Q3 2020 was $313,500. To obtain a mortgage of that amount, a buyer would need an annual income of $60,770.

The below list indicates what a buyer would need to earn in the nation’s 10 most affordable metros and the 10 least affordable metros. This list also indicates what the monthly mortgage payment would be in each of the metros included here.

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Metros with the Highest Income Required for Mortgages

 

Metro                Annual Income Needed       Monthly Payment

San Jose CA              $243,303                             $5,677

San Francisco            $199,465                             $4,654

San Diego                  $124,824                             $2,913

Los Angeles               $122,112                             $2,849

Boston                       $110,943                             $2,589

Seattle                       $108,357                             $2,528

New York                   $103,911                             $2,425

Washington DC            $91,548                               $2,136

Denver                        $86,950                               $2,029

Portland OR                 $83,189                               $1,941

 

Metros with the Lowest Required Income for Mortgages 

Metro               Annual Income Needed     Monthly Payment

Buffalo                        $46,055                               $1,075

Birmingham AL            $45,558                               $1,063

St. Louis MO                $45,040                               $1,051

Cincinnati                    $44,388                               $1,036

Memphis                     $44,183                               $1,031

Indianapolis                $43,688                               $1,019

Louisville KY               $42,129                               $983

Cleveland                   $41,210                               $962

Oklahoma City            $39,567                               $923

Pittsburgh                   $38,266                               $893

 

Thanks to HSH.com.

 

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