{"id":1479326,"date":"2024-07-25T03:20:00","date_gmt":"2024-07-25T07:20:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1479326"},"modified":"2024-07-25T03:20:00","modified_gmt":"2024-07-25T07:20:00","slug":"the-salary-needed-to-buy-a-home-in-50-us-cities-in-2024","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/the-salary-needed-to-buy-a-home-in-50-us-cities-in-2024\/1479326\/","title":{"rendered":"The Salary Needed To Buy A Home In 50 US Cities In 2024"},"content":{"rendered":"

The Salary Needed To Buy A Home In 50 US Cities In 2024<\/span><\/p>\n

\n

In 2024, the median salary for the typical American home buyer has risen to\u00a0$104,339<\/strong> – up from $88,000 just two years prior.<\/p>\n

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<\/strong>, 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.<\/p>\n

This graphic, via Visual Capitalist’s Dorothy Nuefeld, <\/a>shows the salary needed to buy a home across the 50 largest U.S. metropolitans in 2024, based on data from\u00a0Home Sweet Home<\/a>.<\/p>\n

<\/a><\/p>\n

The Cost of Home Ownership in 2024<\/h2>\n

Below, we rank U.S. metro areas based on the salary needed to buy a median-priced home.<\/p>\n

2024 Ranking
\n\t\t\tMetro Area
\n\t\t\tState
\n\t\t\tMedian Home Price
\n\t\t\tSalary Needed
\n\t\t1
\n\t\t\tSan Jose
\n\t\t\tCalifornia
\n\t\t\t$1,840,000
\n\t\t\t$463,886.5
\n\t\t2
\n\t\t\tSan Francisco
\n\t\t\tCalifornia
\n\t\t\t$1,300,000
\n\t\t\t$336,170.4
\n\t\t3
\n\t\t\tSan Diego
\n\t\t\tCalifornia
\n\t\t\t$981,000
\n\t\t\t$241,783.5
\n\t\t4
\n\t\t\tLos Angeles
\n\t\t\tCalifornia
\n\t\t\t$823,000
\n\t\t\t$207,030.2
\n\t\t5
\n\t\t\tSeattle
\n\t\t\tWashington
\n\t\t\t$755,300
\n\t\t\t$191,332.4
\n\t\t6
\n\t\t\tNew York City
\n\t\t\tNew York
\n\t\t\t$659,200
\n\t\t\t$186,122.8
\n\t\t7
\n\t\t\tBoston
\n\t\t\tMassachusetts
\n\t\t\t$704,700
\n\t\t\t$186,058.7
\n\t\t8
\n\t\t\tDenver
\n\t\t\tColorado
\n\t\t\t$651,000
\n\t\t\t$160,874.3
\n\t\t9
\n\t\t\tMiami
\n\t\t\tFlorida
\n\t\t\t$625,000
\n\t\t\t$159,528.2
\n\t\t10
\n\t\t\tWashington, D.C.
\n\t\t\tN\/A
\n\t\t\t$600,200
\n\t\t\t$155,370.4
\n\t\t11
\n\t\t\tRiverside\/
\n\t\t\tSan Bernardino
\n\t\t\tCalifornia
\n\t\t\t$579,900
\n\t\t\t$146,791.9
\n\t\t12
\n\t\t\tPortland
\n\t\t\tOregon
\n\t\t\t$574,000
\n\t\t\t$146,483.4
\n\t\t13
\n\t\t\tSacramento
\n\t\t\tCalifornia
\n\t\t\t$533,900
\n\t\t\t$139,283.1
\n\t\t14
\n\t\t\tAustin
\n\t\t\tTexas
\n\t\t\t$466,700
\n\t\t\t$135,333.1
\n\t\t15
\n\t\t\tSalt Lake City
\n\t\t\tUtah
\n\t\t\t$551,200
\n\t\t\t$134,691.8
\n\t\t16
\n\t\t\tProvidence
\n\t\t\tRhode Island
\n\t\t\t$470,700
\n\t\t\t$129,565.5
\n\t\t17
\n\t\t\tPhoenix
\n\t\t\tArizona
\n\t\t\t$470,500
\n\t\t\t$114,499.6
\n\t\t18
\n\t\t\tOrlando
\n\t\t\tFlorida
\n\t\t\t$435,000
\n\t\t\t$114,215.9
\n\t\t19
\n\t\t\tLas Vegas
\n\t\t\tNevada
\n\t\t\t$465,400
\n\t\t\t$113,354.8
\n\t\t20
\n\t\t\tRaleigh
\n\t\t\tNorth Carolina
\n\t\t\t$439,800
\n\t\t\t$111,347.6
\n\t\t21
\n\t\t\tDallas
\n\t\t\tTexas
\n\t\t\t$377,700
\n\t\t\t$110,463.0
\n\t\t22
\n\t\t\tRichmond
\n\t\t\tVirginia
\n\t\t\t$425,000
\n\t\t\t$106,952.9
\n\t\t23
\n\t\t\tTampa
\n\t\t\tFlorida
\n\t\t\t$405,200
\n\t\t\t$106,614.1
\n\t\t24
\n\t\t\tHartford
\n\t\t\tConnecticut
\n\t\t\t$350,400
\n\t\t\t$106,127.9
\n\t\t25
\n\t\t\tBaltimore
\n\t\t\tMaryland
\n\t\t\t$385,000
\n\t\t\t$104,132.8
\n\t\t26
\n\t\t\tChicago
\n\t\t\tIllinois
\n\t\t\t$349,300
\n\t\t\t$103,794.0
\n\t\t27
\n\t\t\tJacksonville
\n\t\t\tFlorida
\n\t\t\t$390,000
\n\t\t\t$103,487.6
\n\t\t28
\n\t\t\tMinneapolis
\n\t\t\tMinnesota
\n\t\t\t$373,500
\n\t\t\t$101,868.4
\n\t\t29
\n\t\t\tNashville
\n\t\t\tTennessee
\n\t\t\t$404,300
\n\t\t\t$101,535.4
\n\t\t30
\n\t\t\tCharlotte
\n\t\t\tNorth Carolina
\n\t\t\t$398,300
\n\t\t\t$100,140.4
\n\t\t31
\n\t\t\tPhiladelphia
\n\t\t\tPennsylvania
\n\t\t\t$342,500
\n\t\t\t$99,535.4
\n\t\t32
\n\t\t\tHouston
\n\t\t\tTexas
\n\t\t\t$334,100
\n\t\t\t$98,135.3
\n\t\t33
\n\t\t\tMilwaukee
\n\t\t\tWisconsin
\n\t\t\t$354,000
\n\t\t\t$96,942.7
\n\t\t34
\n\t\t\tAtlanta
\n\t\t\tGeorgia
\n\t\t\t$369,200
\n\t\t\t$96,825.1
\n\t\t35
\n\t\t\tSan Antonio
\n\t\t\tTexas
\n\t\t\t$305,800
\n\t\t\t$90,259.9
\n\t\t36
\n\t\t\tVirginia Beach
\n\t\t\tVirginia
\n\t\t\t$336,500
\n\t\t\t$88,208.3
\n\t\t37
\n\t\t\tColumbus
\n\t\t\tOhio
\n\t\t\t$306,600
\n\t\t\t$84,598.5
\n\t\t38
\n\t\t\tKansas City
\n\t\t\tMissouri
\n\t\t\t$308,600
\n\t\t\t$83,386.1
\n\t\t39
\n\t\t\tIndianapolis
\n\t\t\tIndiana
\n\t\t\t$300,100
\n\t\t\t$77,181.6
\n\t\t40
\n\t\t\tCincinnati
\n\t\t\tOhio
\n\t\t\t$280,600
\n\t\t\t$75,634.6
\n\t\t41
\n\t\t\tNew Orleans
\n\t\t\tLouisiana
\n\t\t\t$277,700
\n\t\t\t$75,218.3
\n\t\t42
\n\t\t\tBirmingham
\n\t\t\tAlabama
\n\t\t\t$295,000
\n\t\t\t$75,193.9
\n\t\t43
\n\t\t\tMemphis
\n\t\t\tTennessee
\n\t\t\t$272,400
\n\t\t\t$71,943.2
\n\t\t44
\n\t\t\tBuffalo
\n\t\t\tNew York
\n\t\t\t$229,700
\n\t\t\t$71,669.2
\n\t\t45
\n\t\t\tOklahoma City
\n\t\t\tOklahoma
\n\t\t\t$251,000
\n\t\t\t$70,455.8
\n\t\t46
\n\t\t\tLouisville
\n\t\t\tKentucky
\n\t\t\t$262,000
\n\t\t\t$69,169.8
\n\t\t47
\n\t\t\tDetroit
\n\t\t\tMichigan
\n\t\t\t$240,000
\n\t\t\t$68,334.7
\n\t\t48
\n\t\t\tSt Louis
\n\t\t\tMissouri
\n\t\t\t$241,100
\n\t\t\t$68,240.0
\n\t\t49
\n\t\t\tPittsburgh
\n\t\t\tPennsylvania
\n\t\t\t$207,100
\n\t\t\t$59,604.2
\n\t\t50
\n\t\t\tCleveland
\n\t\t\tOhio
\n\t\t\t$191,900
\n\t\t\t$58,402.6
\n\t\t\u00a0
\n\t\t\tNational
\n\t\t\t\u00a0
\n\t\t\t$389,400
\n\t\t\t$104,339.0<\/p>\n

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.<\/em><\/p>\n

As the most expensive city overall, residents in\u00a0San Jose<\/strong>\u00a0require a salary of $463,887 for a median-priced home in 2024\u2014more than quadruple the national average.<\/p>\n

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.<\/p>\n

Like San Jose, the\u00a0San Francisco<\/strong>\u00a0metro area is highly unaffordable. In May, median home prices stood at $1.3 million. The metro area houses\u00a0more billionaires<\/a>\u00a0than anywhere in the world, in addition to having among the most individuals with $100 million in investable wealth globally.<\/p>\n

New York City<\/strong>\u00a0residents 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.<\/p>\n

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.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nWed, 07\/24\/2024 – 23:20<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/personal-finance\/salary-needed-buy-home-50-us-cities-2024<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

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