These Are The Salaries You’d Need To Buy A Home In The 10 Most Expensive Places In The U.S. Right Now

The biggest wakeup call of 2018 when when my father came to my shoebox Brooklyn apartment and tried to hold in his laughter. When my dad was my age (30), he was literally building the house I grew up in with his bare hands in a Boston suburb. When he found out his son rents an apartment so small that when someone farts it lingers for a fortnight, his pity was impossible to conceal.

But, luckily for my integrity, I am just part of a larger trend. According to Financial Times, just one-quarter of young adults born in the late 1980s owned a home by the age of 27, compared with a third of those born earlier in the decade. And it’s not entirely our fault–house prices have increased about seven times faster than the incomes of young adults over the last 20 years. I don’t feel too much like a sloth now.

If you’re one of the lucky ones, one of the ones who prioritizes the question ‘where’ over ‘how much?’ then Business Insider compiled a list of the 23 most expensive places to live right now.

The list compiles “the US metro areas where the minimum salary required to qualify for a mortgage, after a 20% down payment, is highest.” It assumes a mortgage rate of 3.9% for all areas, with the monthly principle and interest payment limited to 25% of income.

Here are the 10 most expensive regions, via Business Insider:

10. Naples-Immokalee-Marco Island, Florida

Population: 357,305

Median sale price: $438,500

Salary needed to buy: $82,830

9. Boston-Cambridge-Newton, Massachusetts/New Hampshire

Population: 4,774,321

Median sale price: $448,500

Salary needed to buy: $84,719

8. Seattle-Tacoma-Bellevue, Washington

Population: 3,733,580

Median sale price: $471,700

Salary needed to buy: $89,102

7. Los Angeles-Long Beach-Glendale, California

Population: 10,170,292

Median sale price: $541,200

Salary needed to buy: $104,516

6. Boulder, Colorado

Population: 319,372

Median sale price: $546,400

Salary needed to buy: $103,212

5. San Diego-Carlsbad, California

Population: 3,299,521

Median sale price: $610,000

Salary needed to buy: $115,226

4. Urban Honolulu, Hawaii

Population: 998,714

Median sale price: $760,600

Salary needed to buy: $143,674

3. Anaheim-Santa Ana-Irvine, California

Population: 3,169,776

Median sale price: $785,000

Salary needed to buy: $148,283

2. San Francisco-Oakland-Hayward, California

Population: 4,656,132

Median sale price: $920,000

Salary needed to buy: $173,783

1. San Jose-Sunnyvale-Santa Clara, California

Population: 1,976,836

Median sale price: $1,270,000

Salary needed to buy: $239,897


Check out the entire list of 23 places here.

If all of these options are out of your price range, a reporter at real estate website Curbed named Patrick Sisson put together a list of five up-and-coming metropolises across America that provide the cheapest path to home ownership.

Via Fox News:

Madison, Wis. (median home price: $273,600); Richmond, Va. ($258,900); Des Moines, Iowa ($198,200); Chattanooga, Tenn. ($178,100) and Omaha, Neb. ($179,000).

Matt Keohan Avatar
Matt’s love of writing was born during a sixth grade assembly when it was announced that his essay titled “Why Drugs Are Bad” had taken first prize in D.A.R.E.’s grade-wide contest. The anti-drug people gave him a $50 savings bond for his brave contribution to crime-fighting, and upon the bond’s maturity 10 years later, he used it to buy his very first bag of marijuana.