United States
Mapped: The Salary You Need to Buy a Home in 50 U.S. Cities
Check out the latest 2023 update of the salary needed to buy a home in the U.S.
This is the Salary You Need to Buy a Home in 50 U.S. Cities
Check out the latest 2023 update of the salary needed to buy a home in the U.S.
Depending on where you live, owning a home may seem like a far off dream or it could be fairly realistic. In New York City, for example, a person needs to be making at least six figures to buy a home, but in Cleveland you could do it with just over $45,000 a year.
This visual, using data from Home Sweet Home, maps out the annual salary you’d need for home ownership in 50 different U.S. cities.
Note: The map above refers to entire metro areas and uses Q1 2022 data on median home prices. The necessary salary was calculated by the source, looking at the base cost of principal, interest, property tax, and homeowner’s insurance.
Home Ownership Across the U.S.
San Jose is by far the most expensive city when it comes to purchasing a home. A person would need to earn over $330,000 annually to pay off the mortgage at a monthly rate of $7,718.
Here’s a closer look at the numbers:
Rank | Metro Area | Median Home Price | Salary Needed |
---|---|---|---|
#1 | San Jose | $1,875,000 | $330,758 |
#2 | San Francisco | $1,380,000 | $249,685 |
#3 | San Diego | $905,000 | $166,828 |
#4 | Los Angeles | $792,500 | $149,127 |
#5 | Seattle | $746,200 | $140,768 |
#6 | Boston | $639,000 | $130,203 |
#7 | New York City | $578,100 | $129,459 |
#8 | Denver | $662,200 | $121,888 |
#9 | Austin | $540,700 | $114,679 |
#10 | Washington, D.C. | $553,000 | $110,327 |
#11 | Portland | $570,500 | $109,267 |
#12 | Riverside/San Bernardino | $560,000 | $106,192 |
#13 | Sacramento | $545,000 | $105,934 |
#14 | Miami | $530,000 | $103,744 |
#15 | Salt Lake City | $556,900 | $100,970 |
#16 | Providence | $406,700 | $88,477 |
#17 | Phoenix | $474,500 | $86,295 |
#18 | Las Vegas | $461,100 | $84,116 |
#19 | Raleigh | $439,100 | $83,561 |
#20 | Dallas | $365,400 | $81,165 |
#21 | Orlando | $399,900 | $79,573 |
#22 | Chicago | $325,400 | $76,463 |
#23 | Tampa | $379,900 | $75,416 |
#24 | Houston | $330,800 | $74,673 |
#25 | Minneapolis | $355,800 | $74,145 |
#26 | Baltimore | $350,900 | $73,803 |
#27 | Nashville | $387,200 | $73,502 |
#28 | Jacksonville | $365,900 | $73,465 |
#29 | Hartford | $291,000 | $73,165 |
#30 | Charlotte | $379,900 | $72,348 |
#31 | San Antonio | $321,100 | $70,901 |
#32 | Atlanta | $350,300 | $69,619 |
#33 | Philadelphia | $297,900 | $69,569 |
#34 | Richmond | $354,500 | $68,629 |
#35 | Milwaukee | $298,800 | $65,922 |
#36 | Kansas City | $287,400 | $60,507 |
#37 | Columbus | $274,300 | $59,321 |
#38 | Virginia Beach | $289,900 | $59,245 |
#39 | New Orleans | $281,100 | $57,853 |
#40 | Birmingham | $289,500 | $55,662 |
#41 | Indianapolis | $271,600 | $53,586 |
#42 | Memphis | $259,300 | $52,691 |
#43 | Cincinnati | $244,300 | $51,840 |
#44 | Buffalo | $202,300 | $51,525 |
#45 | Detroit | $224,300 | $50,302 |
#46 | St Louis | $216,700 | $48,988 |
#47 | Louisville | $235,400 | $48,121 |
#48 | Cleveland | $192,700 | $45,448 |
#49 | Oklahoma City | $198,200 | $45,299 |
#50 | Pittsburgh | $185,700 | $42,858 |
Perhaps surprisingly, Boston residents need slightly higher earnings than New Yorkers to buy a home. The same is also true in Seattle and Los Angeles. Meanwhile, some of the cheapest cities to start buying up real estate in are Oklahoma City and Cleveland.
As of April, the rate of home ownership in the U.S. is 65%. This number represents the share of homes that are occupied by the owner, rather than rented out or vacant.
The American Dream Home
As of the time of this data (Q1 2022), the national yearly fixed mortgage rate sat at 4% and median home price at $368,200. This put the salary needed to buy a home at almost $76,000—the median national household income falls almost $9,000 below that.
But what kind of homes are people looking to purchase? Depending on where you live the type of home and square footage you can get will be very different.
In New York City, for example, there are fairly few stand-alone, single-family houses in the traditional sense—only around 4,000 are ever on the market. People in the Big Apple tend to buy condominiums or multi-family units.
Additionally, if you’re looking for luxury, not even seven figures will get you much in the big cities. In Miami, a million dollars will only buy you 833 square feet of prime real estate.
One thing is for sure: the typical American dream home of the big house with a yard and white picket fence is more attainable in smaller metro areas with ample suburbs.
Buying vs. Renting
The U.S. median household income is $67,500, meaning that today the typical family could only afford a home in about 15 of the 50 metro areas highlighted above, including New Orleans, Buffalo, and Indianapolis.
With the income gap widening in the U.S., the rental market remains a more attractive option for many, especially as prices are finally tapering off. The national median rent price was down nearly 3% from June to July for two-bedroom apartments.
At the end of the day, buying a home can be an important investment and may provide a sense of security, but it will be much easier to do in certain types of cities.
Money
Mapping Credit Card Delinquency Rates in the U.S. by State
Which states have the lowest credit card delinquency rates in America, and which have the highest?
Credit Card Delinquency Rates in the U.S. by State
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.
Credit card debt carries a hefty bill in America, and falling behind on payments can be extremely costly for cardholders.
This graphic shows credit card delinquency rates across 50 U.S. states, as of Q3 2023. This data comes from a WalletHub study published in January 2024.
Which States Have the Lowest and Highest Delinquency Rates?
Credit card delinquency is when a cardholder falls behind on required monthly payments. Credit agencies are often notified after two months of delinquent payments.
WalletHub examined proprietary user data on the average number of delinquent credit card tradelines—also known as credit accounts—across states. Here they are from lowest to highest:
Rank | State | Share of Credit Card Tradelines Delinquent (%) |
---|---|---|
1 | Iowa | 12.9 |
2 | Massachusetts | 13.9 |
3 | Hawaii | 13.9 |
4 | Rhode Island | 14.7 |
5 | Washington | 14.7 |
6 | Florida | 14.8 |
7 | New York | 14.9 |
8 | California | 15.1 |
9 | New Hampshire | 15.5 |
10 | Alaska | 15.6 |
11 | New Jersey | 15.6 |
12 | Colorado | 15.7 |
13 | Utah | 15.8 |
14 | Vermont | 16.1 |
15 | Montana | 16.1 |
16 | Illinois | 16.5 |
17 | Oregon | 16.6 |
18 | Idaho | 17.0 |
19 | Ohio | 17.5 |
20 | Connecticut | 17.8 |
21 | Maine | 18.0 |
22 | Nebraska | 18.1 |
23 | Wyoming | 18.1 |
24 | Maryland | 18.4 |
25 | Kansas | 18.4 |
26 | Wisconsin | 18.5 |
27 | Virginia | 18.7 |
28 | Nevada | 19.1 |
29 | South Dakota | 19.3 |
30 | Arizona | 19.8 |
31 | Minnesota | 19.8 |
32 | Pennsylvania | 20.2 |
33 | Michigan | 20.9 |
34 | North Dakota | 21.3 |
35 | Delaware | 21.4 |
36 | Missouri | 22.4 |
37 | New Mexico | 22.6 |
38 | Georgia | 23.1 |
39 | North Carolina | 24.0 |
40 | Indiana | 24.3 |
41 | Texas | 24.7 |
42 | West Virginia | 25.2 |
43 | Tennessee | 26.2 |
44 | South Carolina | 26.9 |
45 | Kentucky | 27.6 |
46 | Oklahoma | 28.2 |
47 | Arkansas | 30.1 |
48 | Alabama | 30.5 |
49 | Louisiana | 31.7 |
50 | Mississippi | 39.1 |
No state had credit delinquency rates of less than 10%, with Iowa coming the closest at 12.9%.
That puts Iowa ahead of wealthier states like Massachusetts (13.9%), Washington (14.7%), and New Hampshire (15.5%).
At the bottom end was Mississippi, which had 39% credit delinquency rates to end 2023. That’s well ahead of the next-lowest states Louisiana (31.7%) and Alabama (30.5%).
It’s notable that the American South had higher rates of delinquency almost across the board. The five states with the highest rates of credit card delinquency are all located in the southeastern region of the country, and Texas had a higher delinquency rate (25%) than other majorly populated states like Florida (14.8%) and New York (14.9%).
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