Do you earn enough to afford a house in the largest U.S. metros

Do you earn enough to afford a house in the largest U.S. sozialschlauchsDo you earn enough to afford a house in the largest U.S. sozialschlauchsOwning a home is one of the biggest financial milestones. Data from theU.S. Census Bureauindicates that the homeownership rate nationwide is 64.8%, slowly reversing a downward trend that started in 2004. Despite these recent gains, homeownership is still out of reach for many people. One of the main reasons for this is thatwages havent kept pace with soaring home prices, and many people are priced out of the real estate market.Fortunately, some parts of the U.S. are friendlier to potential homebuyers wallets than others. Our latest visualization illustrates the salary that a household needs to make in order to buy a median-priced home in the 50 largest metro areas in the U.S.Follow Ladders on FlipboardFollow Ladders magazines on Flipboard covering Happiness, Productivity, Job Satisfaction, Neuroscience, and moreThe data for this visualization comes from the mortgage information siteHSH Associates. In conducting their analysis, HSH compiled median-home price data from the National Association of Realtors, national mortgage rate data from Freddie Mac and the Mortgage Bankers Association of America, and property tax and homeowners insurance costs data to determine the annual salary it takes to afford a home (including principal, interest, property tax and homeowners insurance, or PITI) in the nations 50 largest metropolitan areas. The analysis also assumed a down payment of 20%.The top 5 metro areas with the highest salary required for buying a home1. San Jose, CA $254,835.732. San Francisco,CA $198,978.013. San Diego, CA $131,640.794. Los Angeles, CA $123,156.015. Boston, MA $106,789.93The bottom 5 metro areas with the lowest salary required for buying a home1. Pittsburgh, PA $37,659.862. Cleveland, OH $40,437.723. Oklahoma City, OK $41,335.414. Memphis, TN $41,400.935. Indianapolis, IN $42,288.92In general, met ro areas in the Midwest and the South require lower salaries than metro areas on the West Coast and the East Coast. The most expensive metros are located in California, especially near Silicon Valley. For example, San Jose requires the highest salary ($254,835.73) for a median-priced home and San Francisco requires the second-highest salary ($198,978.01). Metros in the Northeast, like Boston ($106,789.93) and New York ($105,684.33) are similarly expensive. On the flip side, Pittsburgh only requires a salary of $37,659.86 to buy a median-priced home. Metro areas like Memphis ($41,400.93) and Oklahoma City ($41,335.41) require about one-sixth the salary required in San Jose.HSH notes that when looking at the nation overall, you would need to earn $61,453 in order to buy a home. However, 24 of the largest 50 metro areas require a higher salary to make it affordable. Its also worth noting that even within metro areas, home prices and salaries can differ by zip code or neighborhood, so f inal costs could vary even more. Overall, when deciding where to buy a home or look for a job, taking the areas salaries and housing costs into consideration becomes even more important.Curious how this differs from the most expensive metro areas last year? Compare to our2018 visualizationon this topic.This article originally appeared on How Much.You might also enjoyNew neuroscience reveals 4 rituals that will make you happyStrangers know your social class in the first seven words you say, study finds10 lessons from Benjamin Franklins daily schedule that will ersatzdarsteller your productivityThe worst mistakes you can make in an interview, according to 12 CEOs10 habits of mentally strong people