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Average home price: $102,100
Monthly payment: $695
Salary needed: $29,788
Above: Four-bedroom Cape Cod home in Cleveland’s South Hills neighborhood. On the market for $96,000.
Average home price: $120,000
Monthly payment: $730
Salary needed: $31,275
Above: Two-bedroom home on a tree-lined street in Princeton Heights. On the market for $119,900.
Average home price: $110,750
Monthly payment: $752
Salary needed: $32,250
Above: Six-bedroom, 3,200-square-foot home near the Detroit Golf Club. On the market for $109,900.
Average home price: $194,300
Monthly payment: $964
Salary needed: $41,308
Above: Five-bedroom Laveen, Arizona, home with “tile in all the right places.” On the market for $189,900.
Average home price: $188,200
Monthly payment: $1,067
Salary needed: $45,732
Above: Two-bedroom home in the northeast neighborhood of Audubon Park. On the market for $185,000.
Average home price: $174,800
Monthly payment: $1,113
Salary needed: $47,708
Above: Two-bedroom duplex in Preston Hollow. On the market for $174,000.
Average home price: $201,800
Monthly payment: $1,179
Salary needed: $50,546
Above: Six-bedroom Victorian in the heart of Germantown. On the market for $200,000.
Average home price: $176,900
Monthly payment: $1,233
Salary needed: $52,866
Above: Five-hundred-square-foot studio in desirable West Loop. On the market for $175,000.
Average home price: $259,000
Monthly payment: $1,393
Salary needed: $59,734
Above: One-bedroom Brickell condo with access to a fitness center, pool and tennis courts. On the market for $258,000.
Average home price: $288,400
Monthly payment: $1,397
Salary needed: $59,892
Above: Three-bedroom, 4,560-square-foot home in the Denver suburb of Green Valley Ranch. On the market for $289,000.
Average home price: $358,900
Monthly payment: $1,831
Salary needed: $78,503
Above: Three-bedroom Silver Spring, Maryland, cottage. On the market for $359,900.
Average home price: $363,200
Monthly payment: $1,862
Salary needed: $79,820
Above: Three-bedroom raised ranch house in the suburb of West Roxbury. On the market for $364,000.
Average home price: $406,200
Monthly payment: $2,005
Salary needed: $85,964
Above: A quaint three-bedroom fixer-upper in North Hollywood. On the market for $405,000.
Average home price: $388,900
Monthly payment: $2,095
Salary needed: $89,788
Above: Four-hundred-square-foot Greenwich Village studio apartment. On the market for $389,000.
Average home price: $483,000
Monthly payment: $2,299
Salary needed: $98,534
Above: Two-bedroom contemporary apartment in San Diego’s East Village neighborhood. On the market for $485,000.
Yeah, yeah, you know the housing market fluctuates and that location, as they say, is everything. But did you know that in San Diego you need to make almost $100,000 a year to score the average-priced home? But in St. Louis you need only earn $31,000?
HSH.com, the largest publisher of consumer mortgage and loan information, recently conducted a study to determine how much your salary would need to be in order to cover the principal, interest, tax and insurance payments on the typical (median-priced) home in various major metropolitan areas.
Their findings: Home prices didn’t change too much from 2013. But some of the most and least affordable cities just might surprise you. (We’re looking at you, Cleveland.)
Check out our slideshow to see what salary will earn you what home--in 16 different U.S. cities.
And do keep in mind that the data HSH averaged includes many disadvantaged areas, so prices for fancier neighborhoods will be higher than the median.
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