23 Cities Where a $100K Salary Can Buy You a 3-Bedroom House — and 27 Cities Where It Doesn’t

Depending on where you live, earning a $100,000 salary might cover most of a three-bedroom home purchase or it may not be anywhere near enough money to put toward buying a house with this many bedrooms.

To determine the cities where a $100K salary is enough to afford a three-bedroom home, GOBankingRates found the average home value for a three-bedroom home in March 2024 and assumed an 8% down payment, typical for first-time homebuyers, to calculate the average mortgage amount. Each city’s average expenditure cost was calculated using cost-of-living indexes and the national average cost for expenditures for all residents. The annual total cost of living for each city was then determined using the average expenditure cost and average mortgage cost.

Of the top 50 most populated cities in the United States, a $100K salary would be enough money for first-time homebuyers purchasing three-bedroom homes in 23 cities and not enough money in 27 cities.

Ranked from least to most salary needed, first-time homebuyers can purchase homes on a $100k salary in the following 23 cities.

• Population total: 636,787
• March 2024 3-bedroom home value: $72,447
• Annual average expenditure cost: $22,795.25
• 8% down (down payment): $5,796
• 8% down (loan amount): $66,652
• 8% down (average mortgage monthly cost): $447
• 8% down (average mortgage annual cost): $5,370
• 8% down (annual total cost of living): $28,165
• Salary needed (needs = 50%): $56,330
• Is a $100k salary enough? Yes

• Population total: 630,027
• March 2024 3-bedroom home value: $142,809
• Annual average expenditure cost: $23,198.02
• 8% down (down payment): $11,425
• 8% down (loan amount): $131,384
• 8% down (average mortgage monthly cost): $882
• 8% down (average mortgage annual cost): $10,585
• 8% down (annual total cost of living): $33,783
• Salary needed (needs = 50%): $67,565
• Is a $100k salary enough? Yes

• Population total: 584,548
• March 2024 3-bedroom home value: $185,071
• Annual average expenditure cost: $23,842.91
• 8% down (down payment): $14,806
• 8% down (loan amount): $170,265
• 8% down (average mortgage monthly cost): $1,143
• 8% down (average mortgage annual cost): $13,717
• 8% down (annual total cost of living): $37,560
• Salary needed (needs = 50%): $75,120
• Is a $100k salary enough? Yes

• Population total: 677,181
• March 2024 3-bedroom home value: $217,215
• Annual average expenditure cost: $21,944.26
• 8% down (down payment): $17,377
• 8% down (loan amount): $199,838
• 8% down (average mortgage monthly cost): $1,342
• 8% down (average mortgage annual cost): $16,099
• 8% down (annual total cost of living): $38,044
• Salary needed (needs = 50%): $76,088
• Is a $100k salary enough? Yes

• Population total: 411,938
• March 2024 3-bedroom home value: $203,466
• Annual average expenditure cost: $23,694.11
• 8% down (down payment): $16,277
• 8% down (loan amount): $187,189
• 8% down (average mortgage monthly cost): $1,257
• 8% down (average mortgage annual cost): $15,080
• 8% down (annual total cost of living): $38,775
• Salary needed (needs = 50%): $77,549
• Is a $100k salary enough? Yes

• Population total: 681,088
• March 2024 3-bedroom home value: $206,378
• Annual average expenditure cost: $23,735.95
• 8% down (down payment): $16,510
• 8% down (loan amount): $189,868
• 8% down (average mortgage monthly cost): $1,275
• 8% down (average mortgage annual cost): $15,296
• 8% down (annual total cost of living): $39,032
• Salary needed (needs = 50%): $78,065
• Is a $100k salary enough? Yes

• Population total: 1,593,208
• March 2024 3-bedroom home value: $188,842
• Annual average expenditure cost: $25,384.72
• 8% down (down payment): $15,107
• 8% down (loan amount): $173,735
• 8% down (average mortgage monthly cost): $1,166
• 8% down (average mortgage annual cost): $13,997
• 8% down (annual total cost of living): $39,381
• Salary needed (needs = 50%): $78,763
• Is a $100k salary enough? Yes

• Population total: 882,006
• March 2024 3-bedroom home value: $222,608
• Annual average expenditure cost: $23,343.04
• 8% down (down payment): $17,809
• 8% down (loan amount): $204,799
• 8% down (average mortgage monthly cost): $1,375
• 8% down (average mortgage annual cost): $16,499
• 8% down (annual total cost of living): $39,842
• Salary needed (needs = 50%): $79,685
• Is a $100k salary enough? Yes

• Population total: 395,951
• March 2024 3-bedroom home value: $194,618
• Annual average expenditure cost: $25,228.61
• 8% down (down payment): $15,569
• 8% down (loan amount): $179,049
• 8% down (average mortgage monthly cost): $1,202
• 8% down (average mortgage annual cost): $14,425
• 8% down (annual total cost of living): $39,653
• Salary needed (needs = 50%): $79,307
• Is a $100k salary enough? Yes

• Population total: 573,299
• March 2024 3-bedroom home value: $206,627
• Annual average expenditure cost: $24,579.64
• 8% down (down payment): $16,530
• 8% down (loan amount): $190,097
• 8% down (average mortgage monthly cost): $1,276
• 8% down (average mortgage annual cost): $15,315
• 8% down (annual total cost of living): $39,894
• Salary needed (needs = 50%): $79,789
• Is a $100k salary enough? Yes

• Population total: 505,958
• March 2024 3-bedroom home value: $232,466
• Annual average expenditure cost: $23,421.28
• 8% down (down payment): $18,597
• 8% down (loan amount): $213,869
• 8% down (average mortgage monthly cost): $1,436
• 8% down (average mortgage annual cost): $17,230
• 8% down (annual total cost of living): $40,651
• Salary needed (needs = 50%): $81,302
• Is a $100k salary enough? Yes

• Population total: 629,176
• March 2024 3-bedroom home value: $248,265
• Annual average expenditure cost: $22,484.73
• 8% down (down payment): $19,861
• 8% down (loan amount): $228,404
• 8% down (average mortgage monthly cost): $1,533
• 8% down (average mortgage annual cost): $18,401
• 8% down (annual total cost of living): $40,886
• Salary needed (needs = 50%): $81,771
• Is a $100k salary enough? Yes

• Population total: 1,445,662
• March 2024 3-bedroom home value: $241,060
• Annual average expenditure cost: $23,295.28
• 8% down (down payment): $19,285
• 8% down (loan amount): $221,776
• 8% down (average mortgage monthly cost): $1,489
• 8% down (average mortgage annual cost): $17,867
• 8% down (annual total cost of living): $41,162
• Salary needed (needs = 50%): $82,324
• Is a $100k salary enough? Yes

• Population total: 902,449
• March 2024 3-bedroom home value: $251,828
• Annual average expenditure cost: $23,912.62
• 8% down (down payment): $20,146
• 8% down (loan amount): $231,682
• 8% down (average mortgage monthly cost): $1,555
• 8% down (average mortgage annual cost): $18,665
• 8% down (annual total cost of living): $42,578
• Salary needed (needs = 50%): $85,155
• Is a $100k salary enough? Yes

• Population total: 2,296,253
• March 2024 3-bedroom home value: $253,294
• Annual average expenditure cost: $23,889.79
• 8% down (down payment): $20,264
• 8% down (loan amount): $233,031
• 8% down (average mortgage monthly cost): $1,564
• 8% down (average mortgage annual cost): $18,774
• 8% down (annual total cost of living): $42,663
• Salary needed (needs = 50%): $85,327
• Is a $100k salary enough? Yes

• Population total: 924,663
• March 2024 3-bedroom home value: $276,304
• Annual average expenditure cost: $24,570.53
• 8% down (down payment): $22,104
• 8% down (loan amount): $254,200
• 8% down (average mortgage monthly cost): $1,707
• 8% down (average mortgage annual cost): $20,479
• 8% down (annual total cost of living): $45,050
• Salary needed (needs = 50%): $90,099
• Is a $100k salary enough? Yes

• Population total: 950,203
• March 2024 3-bedroom home value: $284,225
• Annual average expenditure cost: $24,292.13
• 8% down (down payment): $22,738
• 8% down (loan amount): $261,487
• 8% down (average mortgage monthly cost): $1,756
• 8% down (average mortgage annual cost): $21,066
• 8% down (annual total cost of living): $45,358
• Salary needed (needs = 50%): $90,717
• Is a $100k salary enough? Yes

• Population total: 562,551
• March 2024 3-bedroom home value: $322,961
• Annual average expenditure cost: $22,718.29
• 8% down (down payment): $25,837
• 8% down (loan amount): $297,124
• 8% down (average mortgage monthly cost): $1,995
• 8% down (average mortgage annual cost): $23,937
• 8% down (annual total cost of living): $46,655
• Salary needed (needs = 50%): $93,311
• Is a $100k salary enough? Yes

• Population total: 489,201
• March 2024 3-bedroom home value: $265,738
• Annual average expenditure cost: $26,796.17
• 8% down (down payment): $21,259
• 8% down (loan amount): $244,479
• 8% down (average mortgage monthly cost): $1,641
• 8% down (average mortgage annual cost): $19,696
• 8% down (annual total cost of living): $46,492
• Salary needed (needs = 50%): $92,984
• Is a $100k salary enough? Yes

• Population total: 1,300,642 
• March 2024 3-bedroom home value: $302,341
• Annual average expenditure cost: $24,446.95
• 8% down (down payment): $24,187
• 8% down (loan amount): $278,154
• 8% down (average mortgage monthly cost): $1,867
• 8% down (average mortgage annual cost): $22,409
• 8% down (annual total cost of living): $46,856
• Salary needed (needs = 50%): $93,712
• Is a $100k salary enough? Yes

• Population total: 393,469
• March 2024 3-bedroom home value: $301,340
• Annual average expenditure cost: $24,521.92
• 8% down (down payment): $24,107
• 8% down (loan amount): $277,233
• 8% down (average mortgage monthly cost): $1,861
• 8% down (average mortgage annual cost): $22,335
• 8% down (annual total cost of living): $46,857
• Salary needed (needs = 50%): $93,713
• Is a $100k salary enough? Yes

• Population total: 541,033
• March 2024 3-bedroom home value: $328,348
• Annual average expenditure cost: $22,799.35
• 8% down (down payment): $26,268
• 8% down (loan amount): $302,080
• 8% down (average mortgage monthly cost): $2,028
• 8% down (average mortgage annual cost): $24,336
• 8% down (annual total cost of living): $47,136
• Salary needed (needs = 50%): $94,272
• Is a $100k salary enough? Yes

• Population total: 2,721,914
• March 2024 3-bedroom home value: $310,187
• Annual average expenditure cost: $25,700.99
• 8% down (down payment): $24,815
• 8% down (loan amount): $285,372
• 8% down (average mortgage monthly cost): $1,916
• 8% down (average mortgage annual cost): $22,990
• 8% down (annual total cost of living): $48,691
• Salary needed (needs = 50%): $97,383
• Is a $100k salary enough? Yes

Each of these 27 cities mentioned requires a salary of well over $100K to purchase a three-bedroom home.

• Population total: 404,321
• March 2024 3-bedroom home value: $352,682
• Annual average expenditure cost: $24,825.63
• 8% down (down payment): $28,215
• 8% down (loan amount): $324,467
• 8% down (average mortgage monthly cost): $2,178
• 8% down (average mortgage annual cost): $26,140
• 8% down (annual total cost of living): $50,966
• Salary needed (needs = 50%): $101,931
• Is a $100k salary enough? No

• Population total: 875,045
• March 2024 3-bedroom home value: $361,398
• Annual average expenditure cost: $24,391.03
• 8% down (down payment): $28,912
• 8% down (loan amount): $332,486
• 8% down (average mortgage monthly cost): $2,232
• 8% down (average mortgage annual cost): $26,786
• 8% down (annual total cost of living): $51,177
• Salary needed (needs = 50%): $102,354
• Is a $100k salary enough? No

• Population total: 426,877
• March 2024 3-bedroom home value: $346,274
• Annual average expenditure cost: $25,878.22
• 8% down (down payment): $27,702
• 8% down (loan amount): $318,572
• 8% down (average mortgage monthly cost): $2,139
• 8% down (average mortgage annual cost): $25,665
• 8% down (annual total cost of living): $51,543
• Salary needed (needs = 50%): $103,087
• Is a $100k salary enough? No

• Population total: 541,528
• March 2024 3-bedroom home value: $369,760
• Annual average expenditure cost: $24,926.44
• 8% down (down payment): $29,581
• 8% down (loan amount): $340,179
• 8% down (average mortgage monthly cost): $2,284
• 8% down (average mortgage annual cost): $27,406
• 8% down (annual total cost of living): 541,528 
• Salary needed (needs = 50%): $104,665
• Is a $100k salary enough? No

• Population total: 465,517
• March 2024 3-bedroom home value: $392,401
• Annual average expenditure cost: $24,487.14
• 8% down (down payment): $31,392
• 8% down (loan amount): $361,009
• 8% down (average mortgage monthly cost): $2,424
• 8% down (average mortgage annual cost): $29,084
• 8% down (annual total cost of living): $53,571
• Salary needed (needs = 50%): $107,142
• Is a $100k salary enough? No

• Population total: 457,900
• March 2024 3-bedroom home value: $352,981
• Annual average expenditure cost: $27,140.05
• 8% down (down payment): $28,238
• 8% down (loan amount): $324,743
• 8% down (average mortgage monthly cost): $2,180
• 8% down (average mortgage annual cost): $26,162
• 8% down (annual total cost of living): $53,302
• Salary needed (needs = 50%): $106,605
• Is a $100k salary enough? No

• Population total: 494,838
• March 2024 3-bedroom home value: $394,339
• Annual average expenditure cost: $24,460.76
• 8% down (down payment): $31,547
• 8% down (loan amount): $362,792
• 8% down (average mortgage monthly cost): $2,436
• 8% down (average mortgage annual cost): $29,228
• 8% down (annual total cost of living): $53,688
• Salary needed (needs = 50%): $107,377
• Is a $100k salary enough? No

• Population total: 644,835
• March 2024 3-bedroom home value: $402,830
• Annual average expenditure cost: $24,686.44
• 8% down (down payment): $32,226
• 8% down (loan amount): $370,603
• 8% down (average mortgage monthly cost): $2,488
• 8% down (average mortgage annual cost): $29,857
• 8% down (annual total cost of living): $54,543
• Salary needed (needs = 50%): $109,087
• Is a $100k salary enough? No

• Population total: 1,609,456
• March 2024 3-bedroom home value: $420,223
• Annual average expenditure cost: $24,081.70
• 8% down (down payment): $33,618
• 8% down (loan amount): $386,606
• 8% down (average mortgage monthly cost): $2,596
• 8% down (average mortgage annual cost): $31,146
• 8% down (annual total cost of living): $55,228
• Salary needed (needs = 50%): $110,456
• Is a $100k salary enough? No

• Population total: 503,390
• March 2024 3-bedroom home value: $426,211
• Annual average expenditure cost: $23,977.80
• 8% down (down payment): $34,097
• 8% down (loan amount): $392,114
• 8% down (average mortgage monthly cost): $2,632
• 8% down (average mortgage annual cost): $31,590
• 8% down (annual total cost of living): $55,568
• Salary needed (needs = 50%): $111,135
• Is a $100k salary enough? No

• Population total: 684,103
• March 2024 3-bedroom home value: $425,219
• Annual average expenditure cost: $24,152.59
• 8% down (down payment): $34,018
• 8% down (loan amount): $391,201
• 8% down (average mortgage monthly cost): $2,626
• 8% down (average mortgage annual cost): $31,516
• 8% down (annual total cost of living): $55,669
• Salary needed (needs = 50%): $111,338
• Is a $100k salary enough? No

• Population total: 479,612
• March 2024 3-bedroom home value: $417,965
• Annual average expenditure cost: $24,981.06
• 8% down (down payment): $33,437
• 8% down (loan amount): $384,528
• 8% down (average mortgage monthly cost): $2,582
• 8% down (average mortgage annual cost): $30,979
• 8% down (annual total cost of living): $55,960
• Salary needed (needs = 50%): $111,919
• Is a $100k salary enough? No

• Population total: 523,600
• March 2024 3-bedroom home value: $461,693
• Annual average expenditure cost: $26,770.21
• 8% down (down payment): $36,935
• 8% down (loan amount): $424,757
• 8% down (average mortgage monthly cost): $2,852
• 8% down (average mortgage annual cost): $34,220
• 8% down (annual total cost of living): $60,990
• Salary needed (needs = 50%): $121,980
• Is a $100k salary enough? No

• Population total: 958,202
• March 2024 3-bedroom home value: $506,425
• Annual average expenditure cost: $24,633.37
• 8% down (down payment): $40,514
• 8% down (loan amount): $465,911
• 8% down (average mortgage monthly cost): $3,128
• 8% down (average mortgage annual cost): $37,535
• 8% down (annual total cost of living): $62,169
• Salary needed (needs = 50%): $124,337
• Is a $100k salary enough? No

• Population total: 646,101
• March 2024 3-bedroom home value: $536,334
• Annual average expenditure cost: $25,879.81
• 8% down (down payment): $42,907
• 8% down (loan amount): $493,428
• 8% down (average mortgage monthly cost): $3,313
• 8% down (average mortgage annual cost): $39,752
• 8% down (annual total cost of living): $65,632
• Salary needed (needs = 50%): $131,264
• Is a $100k salary enough? No

• Population total: 443,665
• March 2024 3-bedroom home value: $594,251
• Annual average expenditure cost: $24,715.22
• 8% down (down payment): $47,540
• 8% down (loan amount): $546,711
• 8% down (average mortgage monthly cost): $3,670
• 8% down (average mortgage annual cost): $44,045
• 8% down (annual total cost of living): $68,760
• Salary needed (needs = 50%): $137,520
• Is a $100k salary enough? No

• Population total: 710,800
• March 2024 3-bedroom home value: $616,470
• Annual average expenditure cost: $26,967.12
• 8% down (down payment): $49,318
• 8% down (loan amount): $567,152
• 8% down (average mortgage monthly cost): $3,808
• 8% down (average mortgage annual cost): $45,691
• 8% down (annual total cost of living): $72,659
• Salary needed (needs = 50%): $145,317
• Is a $100k salary enough? No

• Population total: 670,587
• March 2024 3-bedroom home value: $694,622
• Annual average expenditure cost: $30,680.57
• 8% down (down payment): $55,570
• 8% down (loan amount): $639,053
• 8% down (average mortgage monthly cost): $4,290
• 8% down (average mortgage annual cost): $51,484
• 8% down (annual total cost of living): $82,165
• Salary needed (needs = 50%): $164,329
• Is a $100k salary enough? No

• Population total: 665,945
• March 2024 3-bedroom home value: $771,921
• Annual average expenditure cost: $29,415.76
• 8% down (down payment): $61,754
• 8% down (loan amount): $710,168
• 8% down (average mortgage monthly cost): $4,768
• 8% down (average mortgage annual cost): $57,213
• 8% down (annual total cost of living): $86,629
• Salary needed (needs = 50%): $173,258
• Is a $100k salary enough? No

• Population total: 8,622,467
• March 2024 3-bedroom home value: $772,901
• Annual average expenditure cost: $32,186.32
• 8% down (down payment): $61,832
• 8% down (loan amount): $711,069
• 8% down (average mortgage monthly cost): $4,774
• 8% down (average mortgage annual cost): $57,286
• 8% down (annual total cost of living): $89,472
• Salary needed (needs = 50%): $178,944
• Is a $100k salary enough? No

• Population total: 462,293
• March 2024 3-bedroom home value: $948,674
• Annual average expenditure cost: $26,208.58
• 8% down (down payment): $75,894
• 8% down (loan amount): $872,780
• 8% down (average mortgage monthly cost): $5,859
• 8% down (average mortgage annual cost): $70,314
• 8% down (annual total cost of living): $96,522
• Salary needed (needs = 50%): $96,522
• Is a $100k salary enough? No

• Population total: 734,603
• March 2024 3-bedroom home value: $954,891
• Annual average expenditure cost: $26,563.48
• 8% down (down payment): $76,391
• 8% down (loan amount): $878,500
• 8% down (average mortgage monthly cost): $5,898
• 8% down (average mortgage annual cost): $70,775
• 8% down (annual total cost of living): $97,338
• Salary needed (needs = 50%): $194,676
• Is a $100k salary enough? No

• Population total: 3,881,041
• March 2024 3-bedroom home value: $968,769
• Annual average expenditure cost: $26,393.29
• 8% down (down payment): $77,502
• 8% down (loan amount): $891,268
• 8% down (average mortgage monthly cost): $5,984
• 8% down (average mortgage annual cost): $71,803
• 8% down (annual total cost of living): $98,196
• Salary needed (needs = 50%): $196,393
• Is a $100k salary enough? No

• Population total: 437,825
• March 2024 3-bedroom home value: $951,756
• Annual average expenditure cost: $30,282.67
• 8% down (down payment): $76,141
• 8% down (loan amount): $875,616
• 8% down (average mortgage monthly cost): $5,879
• 8% down (average mortgage annual cost): $70,542
• 8% down (annual total cost of living): $100,825
• Salary needed (needs = 50%): $201,650
• Is a $100k salary enough? No

• Population total: 1,383,987
• March 2024 3-bedroom home value: $1,049,853
• Annual average expenditure cost: $28,404.21
• 8% down (down payment): $83,988
• 8% down (loan amount): $965,865
• 8% down (average mortgage monthly cost): $6,484
• 8% down (average mortgage annual cost): $77,813
• 8% down (annual total cost of living): $106,217
• Salary needed (needs = 50%): $212,434
• Is a $100k salary enough? No

• Population total: 1,001,176
• March 2024 3-bedroom home value: $1,403,342
• Annual average expenditure cost: $30,353.32
• 8% down (down payment): $112,267
• 8% down (loan amount): $1,291,074
• 8% down (average mortgage monthly cost): $8,668
• 8% down (average mortgage annual cost): $104,013
• 8% down (annual total cost of living): $134,366
• Salary needed (needs = 50%): $268,732
• Is a $100k salary enough? No

• Population total: 851,036
• March 2024 3-bedroom home value: $1,563,558
• Annual average expenditure cost: $31,556.15
• 8% down (down payment): $125,085
• 8% down (loan amount): $1,438,473
• 8% down (average mortgage monthly cost): $9,657
• 8% down (average mortgage annual cost): $115,888
• 8% down (annual total cost of living): $147,444
• Salary needed (needs = 50%): $294,888
• Is a $100k salary enough? No

Methodology: For this study, GOBankingRates analyzed the top major cities in the United States to find out if a salary of $100k is enough to buy a three-bedroom home. First GOBankingRates found the average home value for a three-bedroom home in March 2024 as sourced from the Zillow Home Value Index. Assuming an 8% downpayment, as typical for first time homebuyers, and using the 30-year national fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage for an 8% down payment can be calculated. The process was then repeated for a 19% downpayment, as typical for repeat homebuyers. The average expenditure cost for each city can be calculated using the cost-of-living indexes, as sourced from Sperling’s BestPlaces, and using the national average cost for expenditures for all residents, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey. The average expenditure cost and the average mortgage cost can be used to calculate the annual total cost of living for each city. The top 50 most populated cities in the US by total population, as sourced from the US Census American Community Survey, were kept for this study. Using the 50/30/20  rule that states the needs should be no more than 50% of the household income, the annual total cost of living, representing the needs category, was doubled to find the salary needed. The cities were sorted to show the lowest to highest salary needed. All data was collected on and is up to date as of May 10, 2024.