Salary needed to buy home in U.S. largest metros 2022

In 2022, the annual salary needed to buy a median priced home in the United States was 97,204 U.S. dollars. However, in some of the largest metropolitan areas in the United States where housing prices are up to two or three times higher, homebuyers would have to earn more than 100,000 U.S. dollars to afford a home. In San Jose, which was the most expensive metro in 2022, the annual salary needed for a median home was approximately 373,696 U.S. dollars.

Annual salary needed to buy a median priced home in selected metros in the United States in 2022 (in U.S. dollars)

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Release date

June 2023

More information

Region

United States

Survey time period

Q4 2022

Supplementary notes

The source adds the following information: "For our calculations, HSH.com uses the National Association of Realtors’ 2020 fourth-quarter data for median home prices, national mortgage rate data derived from weekly surveys by Freddie Mac and the Mortgage Bankers Association of America for 30-year fixed rate mortgages and available property tax and homeowners insurance costs to determine the annual salary it takes to afford the base cost of owning a home (principal, interest, property tax and homeowner's insurance, or PITI) in the nation's 50 largest metropolitan areas.

We used standard 28 percent "front-end" debt ratios and a 20 percent down payment subtracted from the NAR’s median-home-price data to arrive at our figures. We've incorporated available information on property taxes and homeowner’s insurance costs to more accurately reflect the income needed in a given market."

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