Could You Afford a House in These US Cities?

A new report details what your paycheck can buy in 27 cities across the country.

Read These Next

Better Investing

Do you earn about $137,000 a year? If so, you could purchase an average home in San Francisco.

If that sounds ridiculously expensive, don’t worry: San Francisco is the most expensive city in the U.S. to live, even surpassing New York City, where you need to earn about $90,000 to afford an average home.

That’s according to a new report from mortgage information provider HSH.com, which determined how much salary it would take to afford a median-priced home in 27 metropolitan areas across the country.

While the average monthly housing bill in San Francisco comes in at about $3,200, Cleveland residents pay just $695 a month and need only a $29,800 salary to afford a home.

Overall, conditions remain favorable to buy a home, HSH says. According to CNN Money:

Low interest rates have helped keep homeownership costs across most of the country low, said Keith Gumbinger, a spokesman with HSH. “Rates are back at the levels we were at after they jumped last May,” he said.

The top five most expensive cities to live and the salary you’d need to afford a median-priced home are:

  1. San Francisco, $137,130.
  2. San Diego, $98,534.
  3. New York City, $89,789.
  4. Los Angeles, $85,965.
  5. Boston, $79,820.

If you’re looking for affordable home prices, look no further than America’s heartland. The top five least expensive cities to live are mostly in the Midwest.

  1. Cleveland, $29,789.
  2. Pittsburgh, $30,178.
  3. St. Louis, $31,275.
  4. Cincinnati, $31,850.
  5. Detroit, $32,250.

Are you surprised at what your paycheck will buy you across the country? Share your comments below or on our Facebook page.

Sign up for our free newsletter

Like this article? Sign up for our newsletter and we'll send you a regular digest of our newest stories, full of money saving tips and advice, free! We'll also email you a PDF of Stacy Johnson's "205 Ways to Save Money" as soon as you've subscribed. It's full of great tips that'll help you save a ton of extra cash. It doesn't cost a dime, so why wait? Click here to sign up now.

Read These Next

Comments

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,549 more deals!