The differences in annual salary needed to afford a house across the U.S. are vast — even when you hone in on just the 100 largest housing markets.
In the most expensive housing market on that list, you need to make about $343,000 a year to comfortably own a home, according to recently released GOBankingRates estimates. In the least expensive housing market, an annual salary of just $14,000 may suffice.
In the most expensive housing market, a 20% down payment on a home will run you nearly $329,000. In the least expensive housing market, you could theoretically buy five entire homes for that much.
GOBankingRates has included these two housing markets and all points in between in a new ranking of the 100 largest markets in the U.S. We’ve ranked them from least to most affordable, based on how large of a salary you need in each market.
To calculate salary needed for each market, GBR determined average home values based 2024 home values, then factored in a 30-year fixed-rate mortgage with an interest rate of 6.82% and a 20% down payment. GBR also assumed housing costs wouldn’t exceed 30% of gross income (though this is aspirational for many homebuyers and homeowners these days). A full methodology is included at the end of the story.
Here’s the list, complete with average home value, 20% down payment, monthly and annual mortgage cost and minimum salary needed for each market.
Irvine, California
- Average home value: $1,775,731
- Monthly mortgage: $10,515
- Minimum salary to comfortably afford home: $420,591
San Jose, California
- Average home value: $1,531,440
- Monthly mortgage: $9,068
- Minimum salary to comfortably afford home: $362,730
San Francisco
- Average home value: $1,371,361
- Monthly mortgage: $8,120
- Minimum salary to comfortably afford home: $362,730
Honolulu
- Average home value: $1,310,629
- Monthly mortgage: $7,761
- Minimum salary to comfortably afford home: $310,429
San Diego
- Average home value: $1,130,316
- Monthly mortgage: $6,693
- Minimum salary to comfortably afford home: $267,721
Los Angeles
- Average home value: $1,010,958
- Monthly mortgage: $5,986
- Minimum salary to comfortably afford home: $239,451
Anaheim, California
- Average home value: $948,016
- Monthly mortgage: $5,614
- Minimum salary to comfortably afford home: $224,543
Seattle
- Average home value: $931,122
- Monthly mortgage: $5,514
- Minimum salary to comfortably afford home: $220,541
Long Beach, California
- Average home value: $896,830
- Monthly mortgage: $5,310
- Minimum salary to comfortably afford home: $212,419
Chula Vista, California
- Average home value: $889,954
- Monthly mortgage: $5,270
- Minimum salary to comfortably afford home: $210,790
Santa Ana, California
- Average home value: $884,731
- Monthly mortgage: $5,239
- Minimum salary to comfortably afford home: $209,553
Oakland, California
- Average home value: $809,232
- Monthly mortgage: $4,792
- Minimum salary to comfortably afford home: $191,671
Boston
- Average home value: $798,955
- Monthly mortgage: $4,731
- Minimum salary to comfortably afford home: $189,237
New York City
- Average home value: $797,509
- Monthly mortgage: $4,722
- Minimum salary to comfortably afford home: $188,894
Washington, D.C.
- Average home value: $715,782
- Monthly mortgage: $4,238
- Minimum salary to comfortably afford home: $169,537
Naples, Florida
- Average home value: $702,444
- Monthly mortgage: $4,159
- Minimum salary to comfortably afford home: $166,378
Miami
- Average home value: $656,379
- Monthly mortgage: $3,887
- Minimum salary to comfortably afford home: $155,467
Riverside, California
- Average home value: $649,678
- Monthly mortgage: $3,847
- Minimum salary to comfortably afford home: $153,880
Jersey City, New Jersey
- Average home value: $645,547
- Monthly mortgage: $3,823
- Minimum salary to comfortably afford home: $152,901
Denver
- Average home value: $584,914
- Monthly mortgage: $3,464
- Minimum salary to comfortably afford home: $138,540
Silver Spring, Maryland
- Average home value: $580,673
- Monthly mortgage: $3,438
- Minimum salary to comfortably afford home: $137,536
Gilbert, Arizona
- Average home value: $575,559
- Monthly mortgage: $3,408
- Minimum salary to comfortably afford home: $136,324
Reno, Nevada
- Average home value: $560,267
- Monthly mortgage: $3,318
- Minimum salary to comfortably afford home: $132,702
Portland, Oregon
- Average home value: $547,990
- Monthly mortgage: $3,245
- Minimum salary to comfortably afford home: $129,794
Austin, Texas
- Average home value: $539,972
- Monthly mortgage: $3,197
- Minimum salary to comfortably afford home: $127,895
Chandler, Arizona
- Average home value: $536,575
- Monthly mortgage: $3,177
- Minimum salary to comfortably afford home: $127,091
Plano, Texas
- Average home value: $514,645
- Monthly mortgage: $3,047
- Minimum salary to comfortably afford home: $121,896
Vancouver, Washington
- Average home value: $504,045
- Monthly mortgage: $2,985
- Minimum salary to comfortably afford home: $119,386
Henderson, Nevada
- Average home value: $503,134
- Monthly mortgage: $2,979
- Minimum salary to comfortably afford home: $119,170
Aurora, Colorado
- Average home value: $496,588
- Monthly mortgage: $2,940
- Minimum salary to comfortably afford home: $117,620
Boise, Idaho
- Average home value: $487,355
- Monthly mortgage: $2,886
- Minimum salary to comfortably afford home: $115,433
Sacramento, California
- Average home value: $486,104
- Monthly mortgage: $2,878
- Minimum salary to comfortably afford home: $115,136
Newark, New Jersey
- Average home value: $482,911
- Monthly mortgage: $2,860
- Minimum salary to comfortably afford home: $114,380
Marietta, Georgia
- Average home value: $481,168
- Monthly mortgage: $2,849
- Minimum salary to comfortably afford home: $113,967
Colorado Springs, Colorado
- Average home value: $456,595
- Monthly mortgage: $2,704
- Minimum salary to comfortably afford home: $108,147
Las Vegas
- Average home value: $448,071
- Monthly mortgage: $2,653
- Minimum salary to comfortably afford home: $106,128
Modesto, California
- Average home value: $447,900
- Monthly mortgage: $2,652
- Minimum salary to comfortably afford home: $106,088
Mesa, Arizona
- Average home value: $446,347
- Monthly mortgage: $2,643
- Minimum salary to comfortably afford home: $105,720
Stockton, California
- Average home value: $445,310
- Monthly mortgage: $2,637
- Minimum salary to comfortably afford home: $105,474
Raleigh, North Carolina
- Average home value: $443,320
- Monthly mortgage: $2,625
- Minimum salary to comfortably afford home: $105,003
Nashville, Tennessee
- Average home value: $437,828
- Monthly mortgage: $2,593
- Minimum salary to comfortably afford home: $103,702
Atlanta
- Average home value: $435,855
- Monthly mortgage: $2,581
- Minimum salary to comfortably afford home: $103,235
Phoenix
- Average home value: $423,306
- Monthly mortgage: $2,507
- Minimum salary to comfortably afford home: $100,262
Virginia Beach, Virginia
- Average home value: $415,568
- Monthly mortgage: $2,461
- Minimum salary to comfortably afford home: $98,430
Orlando, Florida
- Average home value: $405,721
- Monthly mortgage: $2,402
- Minimum salary to comfortably afford home: $96,097
Charlotte, North Carolina
- Average home value: $401,878
- Monthly mortgage: $2,380
- Minimum salary to comfortably afford home: $95,187
Durham, North Carolina
- Average home value: $400,451
- Monthly mortgage: $2,371
- Minimum salary to comfortably afford home: $94,849
Bakersfield, California
- Average home value: $393,360
- Monthly mortgage: $2,329
- Minimum salary to comfortably afford home: $93,169
Fresno, California
- Average home value: $391,550
- Monthly mortgage: $2,319
- Minimum salary to comfortably afford home: $92,741
Saint Petersburg, Florida
- Average home value: $388,207
- Monthly mortgage: $2,299
- Minimum salary to comfortably afford home: $91,949
Tampa, Florida
- Average home value: $388,082
- Monthly mortgage: $2,298
- Minimum salary to comfortably afford home: $91,919
Lawrenceville, Georgia
- Average home value: $387,414
- Monthly mortgage: $2,294
- Minimum salary to comfortably afford home: $91,761
Spokane, Washington
- Average home value: $382,093
- Monthly mortgage: $2,263
- Minimum salary to comfortably afford home: $90,501
Spring, Texas
- Average home value: $363,705
- Monthly mortgage: $2,154
- Minimum salary to comfortably afford home: $86,145
Knoxville, Tennessee
- Average home value: $353,592
- Monthly mortgage: $2,094
- Minimum salary to comfortably afford home: $83,750
Richmond, Virginia
- Average home value: $353,396
- Monthly mortgage: $2,093
- Minimum salary to comfortably afford home: $83,704
Katy, Texas
- Average home value: $347,560
- Monthly mortgage: $2,058
- Minimum salary to comfortably afford home: $82,322
Tucson, Arizona
- Average home value: $334,798
- Monthly mortgage: $1,982
- Minimum salary to comfortably afford home: $79,299
Minneapolis
- Average home value: $334,205
- Monthly mortgage: $1,979
- Minimum salary to comfortably afford home: $79,158
Albuquerque, New Mexico
- Average home value: $332,417
- Monthly mortgage: $1,968
- Minimum salary to comfortably afford home: $78,735
Dallas
- Average home value: $319,020
- Monthly mortgage: $1,889
- Minimum salary to comfortably afford home: $75,562
Arlington, Texas
- Average home value: $314,887
- Monthly mortgage: $1,865
- Minimum salary to comfortably afford home: $74,583
Lexington, Kentucky
- Average home value: $307,074
- Monthly mortgage: $1,818
- Minimum salary to comfortably afford home: $72,732
Chicago
- Average home value: $306,239
- Monthly mortgage: $1,813
- Minimum salary to comfortably afford home: $72,534
Fort Worth, Texas
- Average home value: $298,643
- Monthly mortgage: $1,768
- Minimum salary to comfortably afford home: $70,735
Jacksonville, Florida
- Average home value: $298,463
- Monthly mortgage: $1,767
- Minimum salary to comfortably afford home: $70,693
Tallahassee, Florida
- Average home value: $294,481
- Monthly mortgage: $1,744
- Minimum salary to comfortably afford home: $69,749
Saint Paul, Minnesota
- Average home value: $285,696
- Monthly mortgage: $1,692
- Minimum salary to comfortably afford home: $67,669
Omaha, Nebraska
- Average home value: $276,674
- Monthly mortgage: $1,638
- Minimum salary to comfortably afford home: $65,532
Lincoln, Nebraska
- Average home value: $275,074
- Monthly mortgage: $1,629
- Minimum salary to comfortably afford home: $65,153
Houston
- Average home value: $271,087
- Monthly mortgage: $1,605
- Minimum salary to comfortably afford home: $64,208
Greensboro, North Carolina
- Average home value: $263,542
- Monthly mortgage: $1,561
- Minimum salary to comfortably afford home: $62,421
Columbus, Ohio
- Average home value: $256,450
- Monthly mortgage: $1,519
- Minimum salary to comfortably afford home: $60,742
Winston-Salem, North Carolina
- Average home value: $256,448
- Monthly mortgage: $1,519
- Minimum salary to comfortably afford home: $60,741
San Antonio
- Average home value: $252,301
- Monthly mortgage: $1,494
- Minimum salary to comfortably afford home: $59,759
Louisville, Kentucky
- Average home value: $246,093
- Monthly mortgage: $1,457
- Minimum salary to comfortably afford home: $58,289
Cincinnati
- Average home value: $239,005
- Monthly mortgage: $1,415
- Minimum salary to comfortably afford home: $56,610
Kansas City, Missouri
- Average home value: $234,766
- Monthly mortgage: $1,390
- Minimum salary to comfortably afford home: $55,606
Columbia, South Carolina
- Average home value: $232,966
- Monthly mortgage: $1,379
- Minimum salary to comfortably afford home: $55,179
Fort Wayne, Indiana
- Average home value: $227,302
- Monthly mortgage: $1,346
- Minimum salary to comfortably afford home: $53,838
Baton Rouge, Louisiana
- Average home value: $227,162
- Monthly mortgage: $1,345
- Minimum salary to comfortably afford home: $53,805
Indianapolis
- Average home value: $226,215
- Monthly mortgage: $1,340
- Minimum salary to comfortably afford home: $53,580
New Orleans
- Average home value: $225,291
- Monthly mortgage: $1,334
- Minimum salary to comfortably afford home: $53,361
Buffalo, New York
- Average home value: $224,175
- Monthly mortgage: $1,327
- Minimum salary to comfortably afford home: $53,097
El Paso, Texas
- Average home value: $224,073
- Monthly mortgage: $1,327
- Minimum salary to comfortably afford home: $53,073
Pittsburgh
- Average home value: $223,070
- Monthly mortgage: $1,321
- Minimum salary to comfortably afford home: $52,835
Corpus Christi, Texas
- Average home value: $215,901
- Monthly mortgage: $1,278
- Minimum salary to comfortably afford home: $51,137
Rochester, New York
- Average home value: $215,484
- Monthly mortgage: $1,276
- Minimum salary to comfortably afford home: $51,039
Philadelphia
- Average home value: $213,608
- Monthly mortgage: $1,265
- Minimum salary to comfortably afford home: $50,594
Tulsa, Oklahoma
- Average home value: $203,852
- Monthly mortgage: $1,207
- Minimum salary to comfortably afford home: $48,283
Milwaukee
- Average home value: $201,788
- Monthly mortgage: $1,195
- Minimum salary to comfortably afford home: $47,795
Lubbock, Texas
- Average home value: $200,258
- Monthly mortgage: $1,186
- Minimum salary to comfortably afford home: $47,432
Oklahoma City
- Average home value: $199,072
- Monthly mortgage: $1,179
- Minimum salary to comfortably afford home: $47,151
Wichita, Kansas
- Average home value: $193,747
- Monthly mortgage: $1,1147
- Minimum salary to comfortably afford home: $45,890
Baltimore
- Average home value: $180,996
- Monthly mortgage: $1,072
- Minimum salary to comfortably afford home: $42,870
St. Louis
- Average home value: $171,995
- Monthly mortgage: $1,018
- Minimum salary to comfortably afford home: $40,738
Memphis, Tennessee
- Average home value: $141,330
- Monthly mortgage: $837
- Minimum salary to comfortably afford home: $33,475
Toledo, Ohio
- Average home value: $118,013
- Monthly mortgage: $699
- Minimum salary to comfortably afford home: $27,952
Cleveland
- Average home value: $106,037
- Monthly mortgage: $628
- Minimum salary to comfortably afford home: $25,115
Detroit
- Average home value: $72,216
- Monthly mortgage: $428
- Minimum salary to comfortably afford home: $17,105
Methodology: For this study, GOBankingRates first isolated the 100 biggest housing markets according to Zillow’s December 2024 data. GOBankingRates then found the average home value for each of the 100 qualified cities. GOBankingRates then found the average monthly mortgage by using the following assumptions: a 30-year fixed rate mortgage with 20% down payment with a rate of 6.89%, as sourced from the Federal Reserve Economic Data for Feb. 6, 2025. No P&I, HOA fees or property tax were included. With the monthly mortgage rate found, GOBankingRates was able to determine the minimum salary needed to comfortably afford a home by assuming housing costs could not exceed 30% of gross income. The cities were sorted to show the highest income needed to buy an average single-family home first. All data was collected on and is up to date as of Feb. 12, 2025.