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Mortgage, Opinion

Here’s the Salary you’ll need if you want to Afford a Mortgage in 17 major US Cities

  • Monthly mortgage payments in the US increased twice as much as incomes did from 2017 to 2019, according to the home-ownership-investment company Unison’s 2019 Home Affordability Report.
  • The report takes a look at how much homeowners need to make each year in order to afford the median monthly mortgage payments in major US cities.
  • The report’s findings are based on homebuyers who spend 30% or less of their gross income on monthly payments.
  • Of the 35 cities the report ranked, we looked at the 17 cities where homeowners need to make the highest income to afford their mortgages.

Saving up for a down payment is only part of the hurdle between homeownership and potential homeowners.

Unison’s 2019 Home Affordability Report found that since mortgage interest rates rose from 3.99 to 4.54%, monthly mortgage payments across major US cities have increased twice as much as incomes.

The report broke down how much homeowners need to make in 35 US cities in order to afford the city’s median monthly mortgage payments. From that list, we looked at the 17 US cities where homeowners have to make the highest income to afford mortgages.

The report’s findings are based on homebuyers who spend 30% or less of their gross income on monthly payments. The report assumes a 20% down payment, as well as a 4.54% mortgage interest rate on 2018 data and a 3.99% mortgage interest rate on 2017 data, the average annual Freddie Mac 30-year fixed rates. Data on median household incomes and median value of owner-occupied housing units were provided to Unisonby S&P Global.

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Keep reading to see the 17 US cities where homeowners need the highest income to afford the median mortgage.

17. Las Vegas

In Las Vegas, in order to afford the city’s median monthly mortgage payment of $1,150, homeowners must earn a minimum annual income of $45,998.

The average price of a home in Las Vegas is $234,832.

16. Minneapolis

In Minneapolis, in order to afford the city’s median monthly mortgage payment of $1,228, homeowners must earn a minimum annual income of $49,122.

The average price of a home in Minneapolis is $250,779.

15. Chicago

In Chicago, in order to afford the city’s median monthly mortgage payment of $1,276, homeowners must earn a minimum annual income of $51,031.

The average price of a home in Chicago is $260,526.

14. Atlanta

In Atlanta, in order to afford the city’s median monthly mortgage payment of $1,357, homeowners must earn a minimum annual income of $54,266.

The average price of a home in Atlanta is $277,041.

13. Salt Lake City

In Salt Lake City, in order to afford the city’s median monthly mortgage payment of $1,431, homeowners must earn a minimum annual income of $57,248.

The average price of a home in Salt Lake City is $292,263.

12. Miami

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In Miami, in order to afford the city’s median monthly mortgage payment of $1,541, homeowners must earn a minimum annual income of $61,634.

The average price of a home in Miami is $314,657.

11. Denver

In Denver, in order to afford the city’s median monthly mortgage payment of $1,725, homeowners must earn a minimum annual income of $68,983.

The average price of a home in Denver is $352,172.

10. Portland, Oregon

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In Portland, in order to afford the city’s median monthly mortgage payment of $1,853, homeowners must earn a minimum annual income of $74,137.

The average price of a home in Portland is $378,483.

9. Boston

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In Boston, in order to afford the city’s median monthly mortgage payment of $2,384, homeowners must earn a minimum annual income of $95,344.

The average price of a home in Boston is $486,752.

8. New York City

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In New York City, in order to afford the city’s median monthly mortgage payment of $2,733, homeowners must earn a minimum annual income of $109,313.

The average price of a home in New York City is $558,065.

7. Washington, D.C.

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In Washington, D.C., in order to afford the city’s median monthly mortgage payment of $2,803, homeowners must earn a minimum annual income of $112,106.

The average price of a home in Washington, D.C., is $572,324.

6. Seattle

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In Seattle, in order to afford the city’s median monthly mortgage payment of $2,855, homeowners must earn a minimum annual income of $114,217.

The average price of a home in Seattle is $583,100.

5. San Diego

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In San Diego, in order to afford the city’s median monthly mortgage payment of $2,916, homeowners must earn a minimum annual income of $116,652.

The average price of a home in San Diego is $595,533.

4. Los Angeles

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In Los Angeles, in order to afford the city’s median monthly mortgage payment of $3,048, homeowners must earn a minimum annual income of $121,939.

The average price of a home in Los Angeles is $622,523.

3. Urban Honolulu, Hawaii

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In Urban Honolulu, in order to afford the city’s median monthly mortgage payment of $3,514, homeowners must earn a minimum annual income of $140,555.

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The average price of a home in Urban Honolulu is $717,564.

2. San Jose, California

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In San Jose, in order to afford the city’s median monthly mortgage payment of $3,817, homeowners must earn a minimum annual income of $152,697.

The average price of a home in San Jose is $779,549.

1. San Francisco

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In San Francisco, in order to afford the city’s median monthly mortgage payment of $5,052, homeowners must earn a minimum annual income of $202,094.

The average price of a home in San Francisco is $1,032,732.

Source: businessinsider

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