The Salary You Need to Afford a Mortgage in 17 U.S. Cities

Business Insider found the salary needed to afford median monthly mortgage payments in the 17 most expensive U.S. cities.

At the top of the list, unsurprisingly, was San Francisco, where a salary of $202,094 is needed to afford the median mortgage payments. Several other California cities made the list, including San Jose ($152,697 salary needed), Los Angeles ($121,939) and San Diego ($116,652). The most affordable city in the top 17 was Las Vegas, where you need to make $45,998 to afford a median mortgage payment.

The report's findings are based on homebuyers who spend 30% or less of their gross income on monthly payments. The report assumes a 20% down payment, as well as a 4.54% mortgage interest rate on 2018 data and a 3.99% mortgage interest rate on 2017 data, the average annual Freddie Mac 30-year fixed rates. Data on median household incomes and median value of owner-occupied housing units were provided to Unison by S&P Global.

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