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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