In the market for a new home? Whether you're dreaming of owning your own property one day or are actively searching for new digs, the ability to plan your finances is essential—and can seem like a minefield.
Mortgage website HSH has tallied all the confusing financial data to find out the exact salary you need to earn to afford a property in top American cities. They've calculated a mortgage's principal, interest, tax, and insurance, and factored in average interest rates and property taxes to reach a realistic, accurate figure.
So, where's the most affordable place to buy your first home? Pittsburgh came out on top, with a salary of $32,390.09 needed to afford a property. Cleveland ranked second, requiring a pre-tax salary of $34,433.95, while mid-ranking cities included Atlanta, Orlando, Phoenix, and Philadelphia.
California residents might need to ask for a promotion before they get the keys to a new house, with Los Angeles demanding a salary of $92,091.89. It might come as little surprise that San Francisco is the most expensive city to become a homeowner. HSH found that you need to earn $161,947.60 per year to even enter the property market, and dubbed it the "king of inaffordability," saying that the price of houses in the area are only getting worse with time.
Would you consider moving to a new city to buy your first home?