Home ownership is pricey, especially in a major city. Just how much money do you need to buy a house?

In a November 2016 report, HSH.com calculates the annual before-tax income required to afford the base cost of owning a home the mortgage's principal, interest, tax, and insurance payments in major metro areas. Note that the base cost does not include things like repairs and renovations.

To determine the required salary, the site uses median home prices from the National Association of Realtors and average interest rates for a 30-year fixed-rate mortgage.

HSH.com also notes that "the required salary would change if you were to put 10 percent down instead of 20 percent. ... Things get more expensive when you cut the down payment in half." Read more about the methodology.

Continue on to see how much money you need to earn to afford a home in 15 of the largest U.S. cities. The cities are listed in ascending order of population.

WASHINGTON, DC:

Median home price: $393,500

Monthly mortgage payment: $1,830

Salary needed to buy: $78,460

DENVER, COLORADO:

Median home price: $386,800

Monthly mortgage payment: $1,650

Salary needed to buy: $70,740

SEATTLE, WASHINGTON:

Median home price: $422,100

Monthly mortgage payment: $1,908

Salary needed to buy: $81,770

BOSTON, MASSACHUSETTS:

Median home price: $435,300

Monthly mortgage payment: $2,007

Salary needed to buy: $86,050

DETROIT, MICHIGAN:

Median home price: $170,817

Monthly mortgage payment: $910.78

Salary needed to buy: $39,030

SAN FRANCISCO, CALIFORNIA:

Median home price: $835,400

Monthly mortgage payment: $3,550

Salary needed to buy: $152,170

DALLAS, TEXAS:

Median home price: $230,500

Monthly mortgage payment: $1,255

Salary needed to buy: $53,820

SAN DIEGO, CALIFORNIA:

Median home price: $589,300

Monthly mortgage payment: $2,535

Salary needed to buy: $108,650

SAN ANTONIO, TEXAS:

Median home price: $212,300

Monthly mortgage payment: $1,127

Salary needed to buy: $48,340

PHOENIX, ARIZONA:

Median home price: $235,300

Monthly mortgage payment: $1,029

Salary needed to buy: $44,130

PHILADELPHIA, PENNSYLVANIA:

Median home price: $234,800

Monthly mortgage payment: $1,239

Salary needed to buy: $53,110

HOUSTON, TEXAS:

Median home price: $217,400

Monthly mortgage payment: $1,203

Salary needed to buy: $51,560

CHICAGO, ILLINOIS:

Median home price: $244,100

Monthly mortgage payment: $1,430

Salary needed to buy: $61,290

LOS ANGELES, CALIFORNIA:

Median home price: $536,700

Monthly mortgage payment: $2,336

Salary needed to buy: $100,150

NEW YORK, NEW YORK:

Median home price: $397,600

Monthly mortgage payment: $1,994

Salary needed to buy: $85,490

Source - https://finance.yahoo.com/news/income-afford-house-15-largest-185720762.html
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