How Much Money You Need To Make To Afford A Home In 12 American Cities

The data is out there: millennials are increasingly staying away from homeownership. The reasons are pretty varied — student loan debt, a desire for mobility, and of course affordability. Which brings us to the question of how much you really need to make to afford a home? The co-investment company Unison analyzed the income needed to be a homeowner in various cities across the country as a part of its 2019 Home Affordability Report. Unison looked at median property values, and then approximated monthly costs based on 20% down. It’s a window into the major differences in costs across the country.

Houston

Salary required with a 20% down payment: $32,510 Median home value: $165,972 Years to save for down payment: 13

Nashville

Salary required with a 20% down payment: $40,210 Median home value: $205,281 Years to save for down payment: 14

Phoenix

Salary required with a 20% down payment: $42,937 Median home value: $219,201 Years to save for down payment: 17

Chicago

Salary required with a 20% down payment: $51,031 Median home value: $260,526 Years to save for down payment: 19

Atlanta

Salary required with a 20% down payment: $54,266 Median home value: $277,041 Years to save for down payment: 20

Miami

Salary required with a 20% down payment: $61,634 Median home value: $314,657 Years to save for down payment: 36

Boston

Salary required with a 20% down payment: $95,344 Median home value: $486,752 Years to save for down payment: 30

New York City

Salary required with a 20% down payment: $109,313 Median home value: $558,065 Years to save for down payment: 36

Seattle

Salary required with a 20% down payment: $114,217 Median home value: $583,100 Years to save for down payment: 27

San Diego

Salary required with a 20% down payment: $116,652 Median home value: $595,533 Years to save for down payment: 31

Los Angeles

Salary required with a 20% down payment: $121,939 Median home value: $622,523 Years to save for down payment: 43

San Francisco

Salary required with a 20% down payment: $202,094 Median home value: $1,031,732 Years to save for down payment: 40 Feature Image: Twenty20