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:
- San Francisco, $137,130.
- San Diego, $98,534.
- New York City, $89,789.
- Los Angeles, $85,965.
- 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.
- Cleveland, $29,789.
- Pittsburgh, $30,178.
- St. Louis, $31,275.
- Cincinnati, $31,850.
- 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.