People tend to share the false notion that they have to make a substantial amount of money to be a homeowner. Nothing could be farther from the truth. An aspiring homeowner can do it quite cheaply without decreasing their standard of living. In this article, we looked at 20 U.S. cities and discovered the salary you need to be a homeowner.
1. Pittsburgh
Pittsburgh is famously known as “The Steel City” for its 300+ steel related businesses. On a lesser note, it is also referred to as “The City of Bridges” for its 446 bridges (yes, you read that right). Last year, it was ranked #15 as being the best city for millennials.
- State: Pennsylvania
- Estimated Population: 695,000
- Median Home Price: $135,000
- Monthly Mortgage Payment: $740.05
- Salary Needed: $31,716
2. Cleveland
Cleveland is known to some as the home of King James (Lebron James that is) and to others as “The Rock & Roll Capital of the World.” Out of the 50 largest U.S. cities, Cleveland is ranked as the sixteenth most walkable city.
- State: Ohio
- Estimated Population: 390,000
- Median Home Price: $121,200
- Monthly Mortgage Payment: $746.91
- Salary Needed: $32,010
3. St. Louis
St. Louis is home to the world’s tallest arch, The Gateway Arch. It is Missouri’s tallest accessible building and has became a famous symbol of the city.
- State: Missouri
- Estimated Population: 320,000
- Median Home Price: $138,400
- Monthly Mortgage Payment: $777.54
- Salary Needed: $33,323
4. Cincinnati
Historically, Cincinnati was the first major American city after the American Revolution and still is considered as the first purely American city. It is also known as “The Chili Capital of the World” because it has the most chili restaurants per capita.
- State: Ohio
- Estimated Population: 300,000
- Median Home Price: $138,100
- Monthly Mortgage Payment: $781.32
- Salary Needed: $33,485
5. Detroit
Unfortunately, when most people think of Detroit, they tend to see its negatives as the overall consensus. Some people view Detroit as a disaster while others are taking advantage of the opportunities from the results of the disaster. It is the only big city, where you can buy a house in a neighborhood that is close to downtown for under $100,000.
The city has been incentivizing people to move under their Live Downtown and Live Midtown programs, which offers rent allowances or forgivable home loans to participants who work for one of their sponsoring employers.
- State: Michigan
- Estimated Population: 690,000
- Median Home Price: $135,800
- Monthly Mortgage Payment: $828.83
- Salary Needed: $35,521
6. Atlanta
Did you know that Atlanta is considered a world class city? It is ranked #45 among cities around the world and ranked #8 among cities in the nation. The city has appeared on the Forbes magazine list as one of the best cities for business and careers.
- State: Georgia
- Estimated Population: 450,000
- Median Home Price: $157,000
- Monthly Mortgage Payment: $835.34
- Salary Needed: $35,800
7. Tampa
Interestingly, Tampa is ranked as the 5th most popular city to live, according to a Pew Research study. It is also recognized as a Gamma+ world city by Loughborough University. (A gamma city is a city that links a smaller region or state to the global economy.)
- State: Florida
- Estimated Population: 350,000
- Median Home Price: $160,000
- Monthly Mortgage Payment: $880.42
- Salary Needed: $37,732
8. Phoenix
Do you hate Daylight Savings Time? If so, you’re in luck because Phoenix does not observe it. It is also a city that offers countless cuisines, including (but not limited to) Mexican, Korean, Creole, Greek, Hawaiian, Thai, Italian, Indian, Brazilian, and French.
- State: Arizona
- Estimated Population: 1,450,000
- Median Home Price: $200,300
- Monthly Mortgage Payment: $948.69
- Salary Needed: $40,658
9. Orlando
Orlando (or The Theme Park Capital of the World) attracts more than 57 million tourists a year, including 4+ million international tourists. According to the Pew research study mentioned earlier, Orlando is the fourth most popular city to live.
- State: Florida
- Estimated Population: 255,000
- Median Home Price: $180,000
- Monthly Mortgage Payment: $983.34
- Salary Needed: $42,143
10. San Antonio
Within the last 5 years, San Antonio has been in the nation’s top 10 as one of the fastest growing cities. Forbes magazine ranks the city for having the 9th best job market and as one of the best cities for business and careers.
- State: Texas
- Estimated Population: 1,410,000
- Median Home Price: $185,500
- Monthly Mortgage Payment: $1,058.73
- Salary Needed: $45,374
11. Dallas
Like San Antonio, Dallas has also been in the nation’s top 10 as one of the fastest growing cities. It has the fourteenth largest GDP in the world, according to the OECD. Contrary to popular belief about Texan culture, Dallas has the 6th largest LGBT population in the nation.
- State: Texas
- Estimated Population: 1,200,000
- Median Home Price: $189,600
- Monthly Mortgage Payment: $1,138.35
- Salary Needed: $48,786
12. Houston
Houston is the largest city in the Southern U.S. and considered by The Huffington Post to be the most diverse city in the nation. Within the last 5 years, it has appeared on multiple Forbes lists for being the best city for shopping, buying a home, and for college graduates.
- State: Texas
- Estimated Population: 2,200,000
- Median Home Price: $199,300
- Monthly Mortgage Payment: $1,166.28
- Salary Needed: $49,983
13. Philadelphia
Did you know that the city of brotherly love has the most outdoor sculptures and murals than any other U.S. city? Rightly so, Philadelphia has a rich history that is commonly expressed through the arts, making it the city with the most public art.
If you are hungry for more than art, then you’re in luck. Philadelphia is known for the “hoagie” and the Philly cheesesteak.
- State: Pennsylvania
- Estimated Population: 1,560,000
- Median Home Price: $213,300
- Monthly Mortgage Payment: $1,187.99
- Salary Needed: $50,914
14. Baltimore
Like Philadelphia, Baltimore is also a historic city. It was the home of Edgar Allan Poe and Frederick Douglass. Francis Scott Key also wrote our national anthem there. The city has 280 properties that are registered as historic in the National Register of Historic Places.
- State: Maryland
- Estimated Population: 620,000
- Median Home Price: $233,200
- Monthly Mortgage Payment: $1,228.78
- Salary Needed: $52,661
15. Chicago
Chicago is the largest city in the Midwestern U.S. and commonly referred to as “The Windy City.” It is also a major world convention destination. The McCormick Place is the largest convention center in the nation and the 3rd largest in the world.
- State: Illinois
- Estimated Population: 420,000
- Median Home Price: $195,100
- Monthly Mortgage Payment: $1,268.09
- Salary Needed: $54,346
16. Miami
Miami is the 2nd largest city with a Spanish-speaking majority and sometimes nicknamed as “The Capital of Latin America.” There is one thing that Miami and most major Latin American cities have in common: the absence of winter.
- State: Florida
- Estimated Population:
- Median Home Price: $265,000
- Monthly Mortgage Payment: $1,363.40
- Salary Needed: $58,431
17. Portland
Did you know that Portland is home to the most microbreweries in the world? The city is often compared to Austin because they have quite a bit in common (except the cost of living).
For more than a century, Portland has been known as “The City of Roses”, due to their abundant amount of rose gardens (including the popular International Rose Test Garden).
- State: Oregon
- Estimated Population: 610,000
- Median Home Price: $288,900
- Monthly Mortgage Payment: $1,414.08
- Salary Needed: $60,603
18. Denver
The Mile-High city is exactly one mile above sea level, making it the one of the highest major cities in the United States. Forbes magazine ranks the city as one of the best cities for business and careers.
- State: Colorado
- Estimated Population: 665,000
- Median Home Price: $314,800
- Monthly Mortgage Payment: $1,438.32
- Salary Needed: $61,642
19. Seattle
Seattle is the largest city in the Pacific Northwest and arguably the coffee capital of the West Coast. Currently, it is the only city that has passed a law to gradually increase the minimum wage, reaching $15/hr in 2 years for big businesses and 6 years for small businesses.
- State: Washington
- Estimated Population: 650,000
- Median Home Price: $352,000
- Monthly Mortgage Payment: $1,699.70
- Salary Needed: $72,844
20. Boston
Boston is the largest city in New England and one of the oldest cities in the country. The compact nature of the city makes it very walkable and is known for having the highest concentration of pedestrian commuters. The city is also famous for its native accent.
- State: Massachusetts
- Estimated Population: 650,000
- Median Home Price: $383,200
- Monthly Mortgage Payment: $1,867.83
- Salary Needed: $80,049
Featured photo credit: Ryan McGuire via gratisography.com
