The Salary Needed To Buy a Home in America’s 50 Wealthiest Towns

Want to own a home in one of America’s wealthiest towns? Your annual income needs to be at least $136,000, at a bare minimum, to afford it in these pricey locations.

To determine the salary to buy a home in America’s 50 wealthiest towns, GOBankingRates isolated all cities with a total population between 5,000 and 100,000 — so not major cities — and found the 50 places with the largest average household income and a typical 2024 home value. After selecting these 50 places, we determined the minimum salary needed to afford a home. Assuming no more than 30% of pre-tax income is spent on housing, a 30-year fixed rate at 6.35% was used for mortgage calculations. This does not include P&I, HOA fees or property taxes.

Key Findings

• Palm Beach, Florida topped GOBankingRates’ ranking, requiring a salary of $2,308,328 for homeownership eligibility. It is the only city in the ranking where buyers must earn a salary of $2 million to buy a home.
• Individuals must earn at least $1 million annually to buy homes in four California cities. These include Atherton ($1.4M), Los Altos Hills ($1.1M), Montecito ($1M) and Hillsborough ($1M). 
• To buy a home in three exclusive Texas towns — Highland Park, University Park and Southlake — Americans need to earn a starting salary of at least $246,230 annually.

From the highest to lowest salary, here’s how much you’d need to earn to buy a home in America’s 50 wealthiest towns.

• Total population: 9,205
• Average household income: $365,991
• 2024 typical home value: $11,592,915
• Salary needed to afford a house: $2,308,328

• 20% down payment: $2,318,583
• Loan total: $9,274,332
• Monthly mortgage: $57,708
• Annual mortgage: $692,498

• Total population: 7,124
• Average household income: $594,651
• 2024 typical home value: $7,424,850
• Salary needed to afford a house: $1,478,402

• 20% down payment: $1,484,970
• Loan total: $5,939,880
• Monthly mortgage: $36,960
• Annual mortgage: $443,521

• Total population: 8,441
• Average household income: $460,098
• 2024 typical home value: $5,631,372
• Salary needed to afford a house: $1,121,293

• 20% down payment: $1,126,274
• Loan total: $4,505,098
• Monthly mortgage: $28,032
• Annual mortgage: $336,388

• Total population: 8,529
• Average household income: $327,332
• 2024 typical home value: $5,423,239
• Salary needed to afford a house: $1,079,851

• 20% down payment: $1,084,648
• Loan total: $4,338,591
• Monthly mortgage: $26,996
• Annual mortgage: $323,955

• Total population: 11,258
• Average household income: $539,950
• 2024 typical home value: $5,099,160
• Salary needed to afford a house: $1,015,321

• 20% down payment: $1,019,832
• Loan total: $4,079,328
• Monthly mortgage: $25,383
• Annual mortgage: $304,596

• Total population: 31,133
• Average household income: $400,817
• 2024 typical home value: $4,275,528
• Salary needed to afford a house: $851,324

• 20% down payment: $855,106
• Loan total: $3,420,422
• Monthly mortgage: $21,283
• Annual mortgage: $255,397

• Total population: 30,771
• Average household income: $329,142
• 2024 typical home value: $3,872,662
• Salary needed to afford a house: $771,107

• 20% down payment: $774,532
• Loan total: $3,098,130
• Monthly mortgage: $19,278
• Annual mortgage: $231,332

• Total population: 5,256
• Average household income: $445,543
• 2024 typical home value: $3,654,875
• Salary needed to afford a house: $727,742

• 20% down payment: $730,975
• Loan total: $2,923,900
• Monthly mortgage: $18,194
• Annual mortgage: $218,323

• Total population: 12,672
• Average household income: $385,643
• 2024 typical home value: $3,432,011
• Salary needed to afford a house: $683,366

• 20% down payment: $686,402
• Loan total: $2,745,609
• Monthly mortgage: $17,084
• Annual mortgage: $205,010

• Total population: 9,115
• Average household income: $312,322
• 2024 typical home value: $3,322,554
• Salary needed to afford a house: $661,572

• 20% down payment: $664,511
• Loan total: $2,658,043
• Monthly mortgage: $16,539
• Annual mortgage: $198,472

• Total population: 6,405
• Average household income: $486,405
• 2024 typical home value: $3,089,194
• Salary needed to afford a house: $615,106

• 20% down payment: $617,839
• Loan total: $2,471,355
• Monthly mortgage: $15,378
• Annual mortgage: $184,532

• Total population: 8,840
• Average household income: $469,267
• 2024 typical home value: $2,933,032
• Salary needed to afford a house: $584,012

• 20% down payment: $586,606
• Loan total: $2,346,426
• Monthly mortgage: $14,600
• Annual mortgage: $175,204

• Total population: 13,219
• Average household income: $342,463
• 2024 typical home value: $2,843,079
• Salary needed to afford a house: $566,101

• 20% down payment: $568,616
• Loan total: $2,274,463
• Monthly mortgage: $14,153
• Annual mortgage: $169,830

• Total population: 33,324
• Average household income: $316,584
• 2024 typical home value: $2,750,198
• Salary needed to afford a house: $547,607

• 20% down payment: $550,040
• Loan total: $2,200,158
• Monthly mortgage: $13,690
• Annual mortgage: $164,282

• Total population: 7,410
• Average household income: $338,463
• 2024 typical home value: $2,711,658
• Salary needed to afford a house: $539,933

• 20% down payment: $542,332
• Loan total: $2,169,326
• Monthly mortgage: $13,498
• Annual mortgage: $161,980

• Total population: 33,093
• Average household income: $305,653
• 2024 typical home value: $2,628,837
• Salary needed to afford a house: $523,442

• 20% down payment: $525,767
• Loan total: $2,103,070
• Monthly mortgage: $13,086
• Annual mortgage: $157,033

• Total population: 11,161
• Average household income: $404,409
• 2024 typical home value: $2,538,646
• Salary needed to afford a house: $505,484

• 20% down payment: $507,729
• Loan total: $2,030,917
• Monthly mortgage: $12,637
• Annual mortgage: $151,645

• Total population: 14,355
• Average household income: $385,967
• 2024 typical home value: $2,490,350
• Salary needed to afford a house: $495,867

• 20% down payment: $498,070
• Loan total: $1,992,280
• Monthly mortgage: $12,397
• Annual mortgage: $148,760 

• Total population: 20,378
• Average household income: $310,947
• 2024 typical home value: $2,437,440
• Salary needed to afford a house: $485,332

• 20% down payment: $487,488
• Loan total: $1,949,952
• Monthly mortgage: $12,133
• Annual mortgage: $145,600

• Total population: 25,179
• Average household income: $381,235
• 2024 typical home value: $2,316,024
• Salary needed to afford a house: $461,156

• 20% down payment: $463,205
• Loan total: $1,852,819
• Monthly mortgage: $11,529
• Annual mortgage: $138,347

• Total population: 18,279
• Average household income: $304,416
• 2024 typical home value: $2,253,484
• Salary needed to afford a house: $448,703

• 20% down payment: $450,697
• Loan total: $1,802,787
• Monthly mortgage: $11,218
• Annual mortgage: $134,611

• Total population: 19,477
• Average household income: $370,203
• 2024 typical home value: $2,052,404
• Salary needed to afford a house: $408,665

• 20% down payment: $410,481
• Loan total: $1,641,923
• Monthly mortgage: $10,217
• Annual mortgage: $122,600

• Total population: 14,448
• Average household income: $481,717
• 2024 typical home value: $2,045,552
• Salary needed to afford a house: $407,301

• 20% down payment: $409,110
• Loan total: $1,636,441
• Monthly mortgage: $10,183
• Annual mortgage: $122,190

• Total population: 15,632
• Average household income: $305,887
• 2024 typical home value: $1,977,705
• Salary needed to afford a house: $393,792

• 20% down payment: $395,541
• Loan total: $1,582,164
• Monthly mortgage: $9,845
• Annual mortgage: $118,137

• Total population: 7,285
• Average household income: $424,834
• 2024 typical home value: $1,975,989
• Salary needed to afford a house: $393,450

• 20% down payment: $395,198
• Loan total: $1,580,791
• Monthly mortgage: $9,836
• Annual mortgage: $118,035

• Total population: 29,862
• Average household income: $367,801
• 2024 typical home value: $1,969,124
• Salary needed to afford a house: $392,083

• 20% down payment: $393,825
• Loan total: $1,575,299
• Monthly mortgage: $9,802
• Annual mortgage: $117,625

• Total population: 25,310
• Average household income: $312,233
• 2024 typical home value: $1,947,686
• Salary needed to afford a house: $387,814

• 20% down payment: $389,537
• Loan total: $1,558,149
• Monthly mortgage: $9,695
• Annual mortgage: $116,344

• Total population: 6,549
• Average household income: $340,698
• 2024 typical home value: $1,623,348
• Salary needed to afford a house: $323,234

• 20% down payment: $324,670
• Loan total: $1,298,678
• Monthly mortgage: $8,081
• Annual mortgage: $96,970

• Total population: 12,607
• Average household income: $458,988
• 2024 typical home value: $1,602,948
• Salary needed to afford a house: $319,172

• 20% down payment: $320,590
• Loan total: $1,282,358
• Monthly mortgage: $7,979
• Annual mortgage: $95,751

• Total population: 7,242
• Average household income: $391,360
• 2024 typical home value: $1,595,819
• Salary needed to afford a house: $317,752

• 20% down payment: $319,164
• Loan total: $1,276,655
• Monthly mortgage: $7,944
• Annual mortgage: $95,326

• Total population: 14,968
• Average household income: $373,735
• 2024 typical home value: $1,555,513
• Salary needed to afford a house: $309,727

• 20% down payment: $311,103
• Loan total: $1,244,411
• Monthly mortgage: $7,743
• Annual mortgage: $92,918

• Total population: 9,789
• Average household income: $307,767
• 2024 typical home value: $1,543,498
• Salary needed to afford a house: $307,334

• 20% down payment: $308,700
• Loan total: $1,234,798
• Monthly mortgage: $7,683
• Annual mortgage: $92,200

• Total population: 49,587
• Average household income: $364,093
• 2024 typical home value: $1,514,657
• Salary needed to afford a house: $301,592

• 20% down payment: $302,931
• Loan total: $1,211,726
• Monthly mortgage: $7,540
• Annual mortgage: $90,477

• Total population: 6,051
• Average household income: $399,251
• 2024 typical home value: $1,513,531
• Salary needed to afford a house: $301,367

• 20% down payment: $302,706
• Loan total: $1,210,825
• Monthly mortgage: $7,534
• Annual mortgage: $90,410

• Total population: 6,570
• Average household income: $416,514
• 2024 typical home value: $1,486,699
• Salary needed to afford a house: $296,025

• 20% down payment: $297,340
• Loan total: $1,189,359
• Monthly mortgage: $7,401
• Annual mortgage: $88,807

• Total population: 8,081
• Average household income: $410,270
• 2024 typical home value: $1,337,666
• Salary needed to afford a house: $266,350

• 20% down payment: $267,533
• Loan total: $1,070,133
• Monthly mortgage: $6,659
• Annual mortgage: $79,905

• Total population: 8,787
• Average household income: $383,105
• 2024 typical home value: $1,337,040
• Salary needed to afford a house: $266,225

• 20% down payment: $267,408
• Loan total: $1,069,632
• Monthly mortgage: $6,656
• Annual mortgage: $79,868

• Total population: 6,221
• Average household income: $330,233
• 2024 typical home value: $1,326,856
• Salary needed to afford a house: $264,197

• 20% down payment: $265,371
• Loan total: $1,061,485
• Monthly mortgage: $6,605
• Annual mortgage: $79,259

• Total population: 8,313
• Average household income: $328,250
• 2024 typical home value: $1,263,927
• Salary needed to afford a house: $251,667

• 20% down payment: $252,785
• Loan total: $1,011,141
• Monthly mortgage: $6,292
• Annual mortgage: $75,500

• Total population: 30,779
• Average household income: $360,078
• 2024 typical home value: $1,236,619
• Salary needed to afford a house: $246,230

• 20% down payment: $247,324
• Loan total: $989,296
• Monthly mortgage: $6,156
• Annual mortgage: $73,869

• Total population: 9,199
• Average household income: $307,559
• 2024 typical home value: $1,230,740
• Salary needed to afford a house: $245,059

• 20% down payment: $246,148
• Loan total: $984,592
• Monthly mortgage: $6,126
• Annual mortgage: $73,518

• Total population: 8,934
• Average household income: $405,058
• 2024 typical home value: $1,179,815
• Salary needed to afford a house: $234,919

• 20% down payment: $235,963
• Loan total: $943,852
• Monthly mortgage: $5,873
• Annual mortgage: $70,476

• Total population: 17,169
• Average household income: $380,479
• 2024 typical home value: $1,112,089
• Salary needed to afford a house: $221,434

• 20% down payment: $222,418
• Loan total: $889,671
• Monthly mortgage: $5,536
• Annual mortgage: $66,430

• Total population: 7,797
• Average household income: $317,792
• 2024 typical home value: $1,089,974
• Salary needed to afford a house: $217,031

• 20% down payment: $217,995
• Loan total: $871,979
• Monthly mortgage: $5,426
• Annual mortgage: $65,109

• Total population: 8,223
• Average household income: $325,789
• 2024 typical home value: $1,067,454
• Salary needed to afford a house: $212,547

• 20% down payment: $213,491
• Loan total: $853,963
• Monthly mortgage: $5,314
• Annual mortgage: $63,764

• Total population: 11,575
• Average household income: $321,572
• 2024 typical home value: $1,058,584
• Salary needed to afford a house: $210,780

• 20% down payment: $211,717
• Loan total: $846,868
• Monthly mortgage: $5,270
• Annual mortgage: $63,234

• Total population: 7,888
• Average household income: $312,818
• 2024 typical home value: $976,599
• Salary needed to afford a house: $194,456

• 20% down payment: $195,320
• Loan total: $781,279
• Monthly mortgage: $4,861
• Annual mortgage: $58,337

• Total population: 8,279
• Average household income: $307,720
• 2024 typical home value: $847,302
• Salary needed to afford a house: $168,711

• 20% down payment: $169,460
• Loan total: $677,841
• Monthly mortgage: $4,218
• Annual mortgage: $50,613

• Total population: 6,746
• Average household income: $316,620
• 2024 typical home value: $819,748
• Salary needed to afford a house: $163,225

• 20% down payment: $163,950
• Loan total: $655,799
• Monthly mortgage: $4,081
• Annual mortgage: $48,967

• Total population: 10,516
• Average household income: $351,688
• 2024 typical home value: $683,517
• Salary needed to afford a house: $136,099

• 20% down payment: $136,703
• Loan total: $546,813
• Monthly mortgage: $3,402
• Annual mortgage: $40,830

Photo disclaimer: Photos are for illustrative purposes only. In many cases, the closest major city outside of the town mentioned in the article was used.

Methodology: For this piece, GOBankingRates looked at all places with a total population between 5,000 and 100,000 as sourced from the 2022 American Community Survey. With these cities isolated, GOBankingRates found the 50 places with the largest average household income as sourced from the 2022 American Community Survey and a typical 2024 home value as sourced from Zillow’s July 2024 data. With these 50 places selected, GOBankingRates was able to determine the minimum salary needed to afford a home (assuming no more than 30% of pre-tax income spent on housing). For mortgage calculations, GOBankingRates assumed a 30-year fixed rate at 6.35% (as sourced from Freddie Mac) with no P&I, no HOA fees and no property taxes. All data was collected and is up to date as of September 3, 2024.