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

By Leah Bourne
Updated: June 13, 2019
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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

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