The minimum salary required to purchase a home in the top 15 most expensive U.S. housing markets.

A recent analysis by mortgage analytics firm HSH reveals that homeownership in the largest U.S. cities is becoming increasingly unattainable for everyone except the wealthiest residents.

To afford a median-priced home in San Jose, California, a household must earn $463,887, making it the most expensive of the 50 largest U.S. cities. The calculation takes into account no more than 28% of gross income spent on housing costs, a down payment of 20%, and an average mortgage rate of 7.16% for borrowers with a good or excellent credit score.

The average income required to cover mortgage expenses in the largest 50 U.S cities is $104,339, which is significantly higher than the national median household income of $74,580, according to U.S Census data.

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In the largest American cities, where there are numerous job opportunities in well-paid fields such as tech, finance, and healthcare, the incomes required to purchase a home are typically the highest.

The lack of homes in California has contributed to the high median home prices in cities like San Jose, which are double the national median of $412,300, according to U.S. Census data.

The 15 most expensive cities to buy a median-priced property in, based on the income needed to afford a home in those markets.

1. San Jose

• Income needed: $463,887
• Median home price: $1.84 million

2. San Francisco

• Income needed: $336,170
• Median home price: $1.3 million

3. San Diego

• Income needed: $241,784
• Median home price: $981,000

4. Los Angeles

• Income needed: $207,030
• Median home price: $823,000

5. Seattle

• Income needed: $191,332
• Median home price: $755,300

6. New York City

• Income needed: $186,123
• Median home price: $659,200

7. Boston

• Income needed: $186,059
• Median home price: $704,700

8. Denver

• Income needed: $160,874
• Median home price: $651,000

9. Miami

• Income needed: $159,528
• Median home price: $625,000

10. Washington, D.C.

• Income needed: $155,370
• Median home price: $600,200

11. Riverside/San Bernardino, California

• Income needed: $146,792
• Median home price: $579,900

12. Portland, Oregon

• Income needed: $146,483
• Median home price: $574,000

13. Sacramento, California

• Income needed: $139,283
• Median home price: $533,900

14. Austin, Texas

• Income needed: $135,333
• Median home price: $466,700

15. Salt Lake City

• Income needed: $134,692
• Median home price: $551,200

The median home prices from the National Association of Realtors and 30-year fixed mortgage rates from Freddie Mac were used to gather data for this study in the first quarter of 2024.

Since the median home prices in San Jose and San Francisco are considered jumbo-sized loans, the mortgage rates for those cities were 7.16%. For all other cities, mortgage rates of 6.75% were used in calculations. The data for jumbo loans, which typically exceed $700,000 in most markets, was obtained from the Mortgage Bankers Association.

Using U.S. Census data for each city, property taxes were calculated, while insurance costs were determined based on average rates for each state, utilizing data from the Insurance Information Institute.

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