Skip to main content
  1. Life
  2. Family & Parenting
  3. Family

Finding Affordable Homes in Big Cities

See also

The mortgage rates and median home prices in 25 of the country's largest metro areas were, researched by HSH.com, and they determined the salaries needed to cover the principal and interest payments on the average home. HSH.com used the "National Association of Realtor"' fourth-quarter data for median home prices, and their own fourth-quarter average interest rate for 30-year fixed- rate mortgages, to determine how much money home buyers needed to earn. Property taxes, insurance, and other expenses did not factor in the calculation.

San Francisco ranked No. 1 on the list (with No. 25 as the highest salary), requiring the highest salary -- $115,510.06 -- to buy a house, according to the research.

The median home price in the D.C. area is $368,000, according to the website.

  • Cleveland: $19,435.17
  • Cincinnati: $22,226.95
  • St. Louis: $22,397.54
  • Atlanta: $24,390.94
  • Tampa: $24,650.88
  • Orlando: $28,298.47
  • San Antonio: $29,305.47
  • Dallas: $29,751.24
  • Houston: $31,298.99
  • Chicago: $32,388.90
  • Phoenix: $32,811.94
  • Minneapolis: $33,800.09
  • Philadelphia: $36,836.47
  • Baltimore: $41,155.40
  • Sacramento: $42,832.20
  • Miami: $43,918.66
  • Portland, Ore.: $45,872.78
  • Denver: $48,122.72
  • Seattle: $59,129.86
  • Washington, D.C.: $62,809.63
  • Boston: $63,673.13
  • New York City: $66,167.27
  • Los Angeles: $72,126.90
  • San Diego: $81,570.40
  • San Francisco: $115,510.06

Being that the average working earning $20 hr. only takes home around $40,000 annually; most of the salaries listed puts the cost of living into perspective, for people earning $13 hourly or less, in these cities.

ConvertUnits.com" provides a tool you can use to calculate the equivalent annual salary based on your hourly wage. You can factor in paid vacation time and holidays to figure out the total number of working days in a year. The salary calculator will also give you information on your daily, weekly, and monthly earnings. Remember that a full salary with benefits can include health insurance and retirement benefits that add more value to your total annual salary compared to similar hourly rates. You may also want to factor in overtime pay and the effects of any income taxes on your take home pay.” http://www.convertunits.com/hourly/

Follow Saye Taryor @sayetaryor

Advertisement

Life

  • Dead babies found
    Seven dead babies were found in Utah resident Megan Huntsman's old home
    Video
    Shocking Discovery
  • Kendall Jenner
    Get the Coachella looks: Kendall Jenner’s nose ring, green hair and edgy nails
    Camera
    Coachella Look
  • Dog's Easter basket
    How to fill your dog’s Easter basket with the perfect toys
    Easter Basket
  • Rabbit owners
    Bringing home the bunny: Important information for rabbit owners
    Camera
    7 Photos
  • Haunted island
    The world’s most haunted island may soon be the most haunted luxury resort
    Haunted Resort
  • Sunken ferry
    Search continues for missing passengers after a ferry sinks off the South Korean coast
    Video
    Sunken Ferry

User login

Log in
Sign in with your email and password. Or reset your password.
Write for us
Interested in becoming an Examiner and sharing your experience and passion? We're always looking for quality writers. Find out more about Examiner.com and apply today!