The Salary Needed to Buy a Home in 50 U.S. Cities in 2024

The New Diplomat
Writer

Ad

Details: Why Roosevelt Ogbonna Quit Access HoldCo board

• He remains Bank MD, Says Access By Obinna Uballa Access Holdings Plc has explained that Mr. Roosevelt Ogbonna, Managing Director and Chief Executive Officer of Access Bank Plc, resigned from the Board of the HoldCo to comply with regulatory guidelines issued by the Central Bank of Nigeria (CBN). The company, in a statement signed…

U.S. Crude Stocks Fall Another 2.4 Million Barrels

Crude oil inventories in the United States decreased by 2.4 million barrels during the week ending August 22, after falling 6 million barrels in the week prior, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The build brings commercial stockpiles to 418.3 million barrels according to government data, which…

NASA Chief, Experts Hail SpaceX as its Starship nails key test flight after fiery failures

By Obinna Uballa SpaceX's major win on Tuesday as its big Starship rocket successfully completed a critical test flight, marking a turnaround after a string of explosive setbacks earlier in the year, has elicited reactions, reports said. Experts have reportedly hailed the move as groundbreaking. The more-than-400-foot rocket, central to SpaceX’s commercial ambitions and NASA’s…

Ad

In 2024, the median salary for the typical American home buyer has risen to $104,339—up from $88,000 just two years prior.

Despite record-high home prices, housing demand continues to outpace supply, even with mortgage rates at their highest in over a decade. As one bright spot, housing inventory is steadily increasing, with the number of homes for sale up almost 19% in May compared to the previous year. This growth in inventory could help ease the cost of home ownership looking ahead.

The Cost of Home Ownership in 2024

Below, we rank U.S. metro areas based on the salary needed to buy a median-priced home.

Note: These calculations determine the salary needed to afford the principal, interest, taxes, and insurance payments on a median-priced home in the corresponding metro area as of May 2024. Figures reflect homes with a 30-year fixed-rate mortgage and a 20% down payment.

2024 Ranking Metro Area State Median Home Price Salary Needed
1 San Jose California $1,840,000 $463,886.5
2 San Francisco California $1,300,000 $336,170.4
3 San Diego California $981,000 $241,783.5
4 Los Angeles California $823,000 $207,030.2
5 Seattle Washington $755,300 $191,332.4
6 New York City New York $659,200 $186,122.8
7 Boston Massachusetts $704,700 $186,058.7
8 Denver Colorado $651,000 $160,874.3
9 Miami Florida $625,000 $159,528.2
10 Washington, D.C. N/A $600,200 $155,370.4
National $389,400 $104,339.0
Showing 1 to 10 of 50 entries
PreviousNext

As the most expensive city overall, residents in San Jose require a salary of $463,887 for a median-priced home in 2024—more than quadruple the national average.

Since 2023, this required salary has skyrocketed almost $100,000, soaring to a monthly payment of $10,824 to own a home. One reason why San Jose prices are sky-high: it sits at the heart of Silicon Valley. On average, homes on the market sell in roughly nine days.

Like San Jose, the San Francisco metro area is highly unaffordable. In May, median home prices stood at $1.3 million. The metro area houses more billionaires than anywhere in the world, in addition to having among the most individuals with $100 million in investable wealth globally.

New York City residents need an annual salary of $186,123, making it the sixth-highest in the country. While the annual growth in home prices fell into negative territory, the required salary to own a home jumped over $25,000 since last year. Overall, just 30% of New Yorkers own homes, compared to the 66% national average.

On the other hand, Cleveland, Pittsburgh, and St. Louis are the most affordable metro areas in the dataset, where a salary under $70,000 can buy a median-priced home.

Source: Visual Capitalist

Ad

X whatsapp