In 2024, the median salary for the typical American home buyer has risen to $104,339 – up from $88,000 just two years prior.

Despite record-high home prices, housing demand continues to outpace supply, even with mortgage rates at their highest in over a decade. As one bright spot, housing inventory is steadily increasing, with the number of homes for sale up almost 19% in May compared to the previous year. This growth in inventory could help ease the cost of home ownership looking ahead.

This graphic, via Visual Capitalist’s Dorothy Nuefeld, shows the salary needed to buy a home across the 50 largest U.S. metropolitans in 2024, based on data from Home Sweet Home.

The Cost of Home Ownership in 2024

Below, we rank U.S. metro areas based on the salary needed to buy a median-priced home.

2024 Ranking
Metro Area
State
Median Home Price
Salary Needed
1
San Jose
California
$1,840,000
$463,886.5
2
San Francisco
California
$1,300,000
$336,170.4
3
San Diego
California
$981,000
$241,783.5
4
Los Angeles
California
$823,000
$207,030.2
5
Seattle
Washington
$755,300
$191,332.4
6
New York City
New York
$659,200
$186,122.8
7
Boston
Massachusetts
$704,700
$186,058.7
8
Denver
Colorado
$651,000
$160,874.3
9
Miami
Florida
$625,000
$159,528.2
10
Washington, D.C.
N/A
$600,200
$155,370.4
11
Riverside/
San Bernardino
California
$579,900
$146,791.9
12
Portland
Oregon
$574,000
$146,483.4
13
Sacramento
California
$533,900
$139,283.1
14
Austin
Texas
$466,700
$135,333.1
15
Salt Lake City
Utah
$551,200
$134,691.8
16
Providence
Rhode Island
$470,700
$129,565.5
17
Phoenix
Arizona
$470,500
$114,499.6
18
Orlando
Florida
$435,000
$114,215.9
19
Las Vegas
Nevada
$465,400
$113,354.8
20
Raleigh
North Carolina
$439,800
$111,347.6
21
Dallas
Texas
$377,700
$110,463.0
22
Richmond
Virginia
$425,000
$106,952.9
23
Tampa
Florida
$405,200
$106,614.1
24
Hartford
Connecticut
$350,400
$106,127.9
25
Baltimore
Maryland
$385,000
$104,132.8
26
Chicago
Illinois
$349,300
$103,794.0
27
Jacksonville
Florida
$390,000
$103,487.6
28
Minneapolis
Minnesota
$373,500
$101,868.4
29
Nashville
Tennessee
$404,300
$101,535.4
30
Charlotte
North Carolina
$398,300
$100,140.4
31
Philadelphia
Pennsylvania
$342,500
$99,535.4
32
Houston
Texas
$334,100
$98,135.3
33
Milwaukee
Wisconsin
$354,000
$96,942.7
34
Atlanta
Georgia
$369,200
$96,825.1
35
San Antonio
Texas
$305,800
$90,259.9
36
Virginia Beach
Virginia
$336,500
$88,208.3
37
Columbus
Ohio
$306,600
$84,598.5
38
Kansas City
Missouri
$308,600
$83,386.1
39
Indianapolis
Indiana
$300,100
$77,181.6
40
Cincinnati
Ohio
$280,600
$75,634.6
41
New Orleans
Louisiana
$277,700
$75,218.3
42
Birmingham
Alabama
$295,000
$75,193.9
43
Memphis
Tennessee
$272,400
$71,943.2
44
Buffalo
New York
$229,700
$71,669.2
45
Oklahoma City
Oklahoma
$251,000
$70,455.8
46
Louisville
Kentucky
$262,000
$69,169.8
47
Detroit
Michigan
$240,000
$68,334.7
48
St Louis
Missouri
$241,100
$68,240.0
49
Pittsburgh
Pennsylvania
$207,100
$59,604.2
50
Cleveland
Ohio
$191,900
$58,402.6
 
National
 
$389,400
$104,339.0

Note: These calculations determine the salary needed to afford the principal, interest, taxes, and insurance payments on a median-priced home in the corresponding metro area as of May 2024. Figures reflect homes with a 30-year fixed-rate mortgage and a 20% down payment.

As the most expensive city overall, residents in San Jose require a salary of $463,887 for a median-priced home in 2024—more than quadruple the national average.

Since 2023, this required salary has skyrocketed almost $100,000, soaring to a monthly payment of $10,824 to own a home. One reason why San Jose prices are sky-high: it sits at the heart of Silicon Valley. On average, homes on the market sell in roughly nine days.

Like San Jose, the San Francisco metro area is highly unaffordable. In May, median home prices stood at $1.3 million. The metro area houses more billionaires than anywhere in the world, in addition to having among the most individuals with $100 million in investable wealth globally.

New York City residents need an annual salary of $186,123, making it the sixth-highest in the country. While the annual growth in home prices fell into negative territory, the required salary to own a home jumped over $25,000 since last year. Overall, just 30% of New Yorkers own homes, compared to the 66% national average.

On the other hand, Cleveland, Pittsburgh, and St. Louis are the most affordable metro areas in the dataset, where a salary under $70,000 can buy a median-priced home.