WASHINGTON — The difference in how much you need to earn to buy a home in Cleveland, Ohio versus San Francisco is more than $117,000.
San Francisco ranks as the most expensive of 27 metro areas when it comes to home buying, while Cleveland is the cheapest, according to data crunched by HSH.com, a publisher of mortgage and consumer loan information
HSH.com evaluated median home prices and first-quarter average interest rates to determine how much of a homeowner’s salary it would take to afford owning a home.
In San Francisco, it would take a salary of more than $137,000 to own a home with a median price of $679,800. In Cleveland, a home buyer would need to make just under $27,800 to own a median-priced home of $102,100.
D.C. ranks No. 22 on the list. In the District, a homeownere would need a salary of just over $75,500 to own a $358,900 home, HSH.com says.
In Baltimore, 16th on the list, to buy a $224,500 home, a buyer would need a salary just over $53,000.
Here’s how the cities rank and the salaries needed to buy a home, from cheapest to most expensive:
St. Louis: $31,275.49
San Antonio: $44,506.00
Portland, Ore.: $60,307.71
Washington, D.C.: $78,503.56
Los Angeles: $85,964.88
New York City: $89,788.69
San Diego: $98,534.22
San Francisco: $137,129.55
The chart below shows how the numbers break down by city.