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Mapped: The Salary Needed to Buy a Home in 50 U.S. Metro Areas

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Check out the latest 2023 update of the salary needed to buy a home in the U.S.

This 3D Map Shows the Salary Needed to Buy a Home in 50 U.S. Metro Areas

The Salary Needed to Buy a Home in 50 U.S. Metro Areas

Check out the latest 2023 update of the salary needed to buy a home in the U.S.

Over the last year, home prices have risen in 49 of the biggest 50 metro areas in the United States.

At the same time, mortgage rates have hit seven-year highs, making things more expensive for any prospective home buyer.

With this context in mind, today’s map comes from HowMuch.net, and it shows the salary needed to buy a home in the 50 largest U.S. metro areas.

The Least and Most Expensive Metro Areas

As a reference point, the median home in the United States costs about $257,600, according to the National Association of Realtors.

Median Home PriceMontly Payment (PITI)Salary Needed
National$257,600$1,433.91$61,453.51

With a 20% down payment and a 4.90% mortgage rate, and taking into account what’s needed to pay principal, interest, taxes, and insurance (PITI) on the home, it would mean a prospective buyer would need to have $61,453.51 in salary to afford such a purchase.

However, based on your frame of reference, this national estimate may seem extremely low or quite high. That’s because the salary required to buy in different major cities in the U.S. can fall anywhere between $37,659 to $254,835.

The 10 Cheapest Metro Areas

Here are the cheapest metro areas in the U.S., based on data and calculations from HSH.com:

RankMetro AreaMedian Home PriceMonthly Payment (PITI)Salary Needed
#1Pittsburgh$141,625$878.73$37,659.86
#2Cleveland$150,100$943.55$40,437.72
#3Oklahoma City$161,000$964.49$41,335.41
#4Memphis$174,000$966.02$41,400.93
#5Indianapolis$185,200$986.74$42,288.92
#6Louisville$180,100$987.54$42,323.15
#7Cincinnati$169,400$1,013.37$43,429.97
#8St. Louis$174,100$1,031.70$44,215.56
#9Birmingham$202,300$1,040.51$44,593.35
#10Buffalo$154,200$1,066.29$45,698.05

After the dust settles, Pittsburgh ranks as the cheapest metro area in the U.S. to buy a home. According to these calculations, buying a median home in Pittsburgh – which includes the surrounding metro area – requires an annual income of less than $40,000 to buy.

Just missing the list was Detroit, where a salary of $48,002.89 is needed.

The 10 Most Expensive Metro Areas

Now, here are the priciest markets in the country, also based on data from HSH.com:

RankMetro AreaMedian Home PriceMonthly Payment (PITI)Salary Needed
#1San Jose$1,250,000$5,946.17$254,835.73
#2San Francisco$952,200$4,642.82$198,978.01
#3San Diego$626,000$3,071.62$131,640.79
#4Los Angeles$576,100$2,873.64$123,156.01
#5Boston$460,300$2,491.76$106,789.93
#6New York City$403,900$2,465.97$105,684.33
#7Seattle$489,600$2,458.58$105,367.89
#8Washington, D.C.$417,400$2,202.87$94,408.70
#9Denver$438,300$2,139.02$91,672.45
#10Portland$389,000$1,987.37$85,173.08

Topping the list of the most expensive metro areas are San Jose and San Francisco, which are both cities fueled by the economic boom in Silicon Valley. Meanwhile, two other major metro areas in California, Los Angeles and San Diego, are not far behind.

New York City only ranks in sixth here, though it is worth noting that the NYC metro area extends well beyond the five boroughs. It includes Newark, Jersey City, and many nearby counties as well.

As a final point, it’s worth mentioning that all cities here (with the exception of Denver) are in coastal states.

Notes on Calculations

Data on median home prices comes from the National Association of Realtors and is based on 2018 Q4 information, while national mortgage rate data is derived from weekly surveys by Freddie Mac and the Mortgage Bankers Association of America for 30-year fixed rate mortgages.

Calculations include tax and homeowners insurance costs to determine the annual salary it takes to afford the base cost of owning a home (principal, interest, property tax and homeowner’s insurance, or PITI) in the nation’s 50 largest metropolitan areas.

Standard 28% “front-end” debt ratios and a 20% down payments subtracted from the median-home-price data are used to arrive at these figures.

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The Top Retailers in the World, by Store Count

Here are the top retailers in the world by physical store presence, illustrating the dominance of convenience and drug store chains.

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This circle graphic shows the retailers with the highest number of locations worldwide.

The Top Retailers in the World, by Store Count

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Which retail chains have the highest global store counts?

Owing to their rapid speed of service in providing the basics to customers, convenience chains stand as the clear leaders. Going further, their smaller footprint allows them to expand their store counts at a greater scale.

This graphic shows the top retailers in the world by store count, based on data from the National Retailers Federation.

Japanese Retailers Dominate the Pack

Below, we show the global retailers with the most physical storefronts in 2023:

RankingRetailerTotal Stores WorldwideIndustryHeadquarters
1Seven & I40,454Convenience Store🇯🇵 Japan
2FamilyMart24,251Convenience Store🇯🇵 Japan
3Lawson21,902Convenience Store🇯🇵 Japan
4CP All16,042Convenience Store🇹🇭 Thailand
5AS Watson16,014Drug Store🇭🇰 Hong Kong
6Schwarz Group14,112Discount Grocery🇩🇪 Germany
7Carrefour14,014Supermarkets🇫🇷 France
8Couche-Tard13,505Convenience Store🇨🇦 Canada
9Aldi13,475Discount Grocery🇩🇪 Germany
10Walgreens Boots Alliance12,961Drug Store🇺🇸 U.S.

Leading by a wide margin is Japan’s Seven & I Holdings, with 40,454 store locations worldwide.

The retail giant includes the 7-Eleven franchise along with Ito-Yokado, its supermarket chain. While the world’s largest convenience chain traces its origins to Dallas, Texas, the remainder of the U.S-based company (27%) was acquired in 2005 in a $1.2 billion deal that took the company fully private. Today, the company operates in 10 markets globally.

Next in line are Japan’s FamilyMart and Lawson, each boasting over 20,000 locations. For perspective, Walmart, America’s largest retail company by revenues, operates 10,569 locations globally.

In Europe, Germany’s discount grocery chain Schwarz takes the lead, due to its extensive network of stores. Operating across 30 countries and with over 500,000 employees, the no-frills chain stands as a powerhouse. France’s supermarket giant, Carrefour, follows closely behind.

Ranking in eighth is Canadian retailer, Couche-Tard, with stores largely concentrated in North America and Europe. Since 2004, the company has made over 60 acquisitions, including 2,200 gas stations from French oil company TotalEnergies in 2023. The company is known for its Circle K brand, which operates in 24 countries globally.

Closing off the list is Walgreens Boots Alliance, the only American retailer in the rankings. The company owns the ubiquitous UK-based Boots brand, which was founded in 1849 in Nottingham. Yet as profits margins face increasing strains, it is looking to sell the subsidiary and instead focus more heavily on its U.S. pharmacy and healthcare businesses. With a presence in 13 countries, the pharmacy chain operates 12,961 stores worldwide.

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