In the market for a home?
Mortgage website HSH.com has updated its estimate of how much annual income a household would need to buy a home in major metropolitan areas in the US, according to third-quarter 2015 data.
Housing prices in Los Angeles have jumped, increasing 14% since last quarter. And for the first time, the site calculated how it would change the salary needed to buy a home if a buyer were to put 10% down instead of the recommended 20%. No matter where you are, it's more expensive — you can visit HSH.com to see both numbers.
The site looked at median home prices from the National Association of Realtors, along with interest rates for common 30-year, fixed-rate mortgages and property taxes and insurance costs, to figure out how much money it would take to pay a median-priced home's mortgage, taxes, and insurance in each city — and how much you would have to earn to afford it.
Salaries listed are rounded to the nearest $500.
SEE ALSO: Here's how much you need to earn to live comfortably in 15 major US cities while still saving money
19. Orlando
Population: 255,483
Median Home Price: $201,200
Monthly Mortgage Payment: $1,103
Salary Needed to Buy: $47,500
18. San Antonio
Population: 1,409,000
Median Home Price: $199,300
Monthly Mortgage Payment: $1,130
Salary Needed to Buy: $48,500
17. Minneapolis
Population: 407,207
Median Home Price: $288,700
Monthly Mortgage Payment: $1,199
Salary Needed to Buy: $51,500
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