There is no place like home, especially if you can afford one.
A person wanting to buy a home in San Diego, Seattle, or Boston, will need to make over $100,000 annually, while a home in New Orleans, Birmingham, Alabama, or Memphis, Tennessee can be purchased with a salary of less than $60,000, according to data compiled by the Visual Capitalist examining 50 cities across the United States.
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A smaller salary is needed to buy a home in Washington, D.C., where a salary of $110,327 is needed, compared to Boston, Massachusetts, where the required salary is $130,203. The three cities that warrant the smallest salaries, as explored in this report, are Cleveland, Ohio, at $45,448, Oklahoma City, Oklahoma, at $45,299, and Pittsburgh, Pennsylvania, at $42,858.
The median home price was $368,200 in the first quarter of 2022, putting the salary needed to buy a home at almost $76,000, according to the Visual Capitalist. The median national household income is $67,500, falling almost $9,000 below the needed salary.
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At $67,500, a typical family could only afford a home in about 15 of the 50 metro areas with the U.S. median household income, the report said. These areas include Kansas City, Missouri; Columbus, Ohio; Virginia Beach, Virginia; New Orleans; Birmingham, Alabama; Indianapolis, Indiana; Memphis, Tennessee; Cincinnati, Ohio; Buffalo, New York; Detroit, Michigan; St. Louis, Missouri; Louisville, Kentucky; Cleveland, Ohio; Oklahoma City, Oklahoma; and Pittsburgh, Pennsylvania.
As of April, the rate of home ownership in the U.S. was 65%, according to the Census Bureau.
