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:
- Cleveland: $29,788.67
- Pittsburgh: $30,177.78
- St. Louis: $31,275.49
- Cincinnati: $31,850.18
- Detroit: $32,250.30
- Atlanta: $34,183.44
- Tampa: $36,437.56
- Phoenix: $41,308.74
- Orlando: $43,243.95
- San Antonio: $44,506.00
- Minneapolis: $45,732.39
- Dallas: $47,708.77
- Houston: $49,036.60
- Philadelphia: $50,546.25
- Chicago: $52,866.88
- Baltimore: $53,078.51
- Sacramento: $58,113.87
- Miami: $59,734.23
- Denver: $59,892.46
- Portland, Ore.: $60,307.71
- Seattle: $73,851.06
- Washington, D.C.: $78,503.56
- Boston: $79,820.01
- 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.
| Cities | 30-Year Fixed Mortgage Rate | % Change from 4Q 2013 | Median Home Price | % Change from 4Q 2013 | Monthly Payment | Salary needed |
|---|---|---|---|---|---|---|
| Cleveland | 4.50% | 0.06 | $102,100 | -9.49 | $695.07 | $29,788.67 |
| Pittsburgh | 4.36% | 0.04 | $120,000 | -6.69 | $704.15 | $30,177.78 |
| St. Louis | 4.40% | -0.01 | $120,500 | -7.52 | $729.76 | $31,275.49 |
| Cincinnati | 4.53% | 0.08 | $121,700 | -5.44 | $743.17 | $31,850.18 |
| Detroit | 4.59% | 0.1 | $110,750 | -9.72 | $752.51 | $32,250.30 |
| Atlanta | 4.44% | -0.03 | $141,900 | -0.35 | $797.61 | $34,183.44 |
| Tampa | 4.54% | 0.04 | $145,000 | 1.83 | $850.21 | $36,437.56 |
| Phoenix | 4.48% | 0.07 | $194,300 | 0.83 | $963.87 | $41,308.74 |
| Orlando | 4.47% | -0.01 | $178,000 | 7.36 | $1,009.03 | $43,243.95 |
| San Antonio | 4.62% | 0.13 | $169,300 | -1.4 | $1,038.47 | $44,506.00 |
| Minneapolis | 4.52% | 0.02 | $188,200 | -4.52 | $1,067.09 | $45,732.39 |
| Dallas | 4.48% | 0.02 | $174,800 | 0.52 | $1,113.20 | $47,708.77 |
| Houston | 4.49% | 0.02 | $184,600 | 1.26 | $1,144.19 | $49,036.60 |
| Philadelphia | 4.52% | 0.09 | $201,800 | -5.83 | $1,179.41 | $50,546.25 |
| Chicago | 4.52% | 0.02 | $176,900 | -5.45 | $1,233.56 | $52,866.88 |
| Baltimore | 4.44% | 0.07 | $224,500 | -7.12 | $1,238.50 | $53,078.51 |
| Sacramento | 4.55% | 0.02 | $255.80 | 2.17 | $1,355.99 | $58,113.87 |
| Miami | 4.53% | 0.06 | $259,000 | 1.61 | $1,393.80 | $59,734.23 |
| Denver | 4.53% | 0.04 | $288,400 | 3.26 | $1,397.49 | $59,892.46 |
| Portland | 4.57% | 0.06 | $271,900 | 1.64 | $1,407.18 | $60,307.71 |
| Seattle | 4.59% | 0.07 | $339,900 | -1.31 | $1,723.19 | $73,851.06 |
| Washington D.C. | 4.45% | 0.07 | $358,900 | -2.47 | $1,831.75 | $78,503.56 |
| Boston | 4.47% | 0.06 | $363,200 | -2.18 | $1,862.47 | $79,820.01 |
| Los Angeles | 4.52% | 0.06 | $406,200 | -3.99 | $2,005.85 | $85,964.88 |
| New York City | 4.53% | 0.05 | $388,900 | 0.67 | $2,095.07 | $89,788.69 |
| San Diego | 4.56% | 0.03 | $483,000 | 1.3 | $2,299.13 | $98,534.22 |
| San Francisco | 4.39% | 0 | $679,800 | -0.38 | $3,199.69 | $137,129.55 |
Source: HSH.com
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