Personal Finance
Top 10 Habits of Millionaires for Building Wealth
The Top 10 Habits of Millionaires for Building Wealth
If building large amounts of wealth was easy, then almost anyone could do it.
However, we know that only 6.4% of American adult population are millionaires, and the reality is that not all of those are self-made.
What habits and practices helped this elite group in accumulating large amounts of wealth, and how can we apply these to our own careers to become more financially independent?
Copying the Habits of Millionaires
Today’s infographic from StocksToTrade.com skips the silver bullets and “get rich quick” tricks to show the real habits of millionaires that have led to wealth accumulation over time.
Many of these habits are not particularly glamorous, but remain essential for the long-term success of entrepreneurs and investors. They tend to fall in categories such as: hard work, persistence, passion, acquiring self-knowledge, associating with the right people, and staying healthy.
Here are the most important statistics to consider:
- 88% of the rich devote 30 minutes or more each day to self-education or self-improvement.
- 76% of the rich aerobically exercise for 30 minutes or more, every day.
- 86% of the rich who liked what they did for work made $3.4 million in 32 years
- 7% who loved what they did made $7.4 million in 12 years.
- 92% of rich say good luck had nothing at all to do with their wealth. They just never gave up.
- 88% of millionaires believe relationships are critical to financial success.
- 94% of wealthy individuals read current events every day.
- 88% of the rich people say that saving money was incredibly important to their success.
- 93% of the self-made millionaires attributed their wealth to their mentors’ help.
- 86% of wealthy, successful people associate with other success-minded people.
- 79% of the rich read educational, career-related material.
In other words, it’s not a simple idea or plain old luck that leads to success.
The stats above show it is the daily habits and practices that count in the long run.
Personal Finance
Mapped: What You Need to Earn to Own a Home in 50 American Cities
What does it take to own a home in the U.S. in 2023? Here’s a look at the salary needed for home ownership in the top 50 metro areas.

What You Need to Earn to Own a Home in 50 American Cities
Once a fundamental part of the American dream, the ability to own a home is drifting farther and farther away for many Americans.
Between skyrocketing prices, stagnating wages, and now rising interest rates, the deck seems to be increasingly stacked against home ownership.
Using May 2023 data tabulated by Home Sweet Home, we map out the annual salary needed to afford a 30-year mortgage (at 6.37%) to buy a home in America’s 50 most populous metropolitan areas.
The monthly minimum mortgage payment includes taxes and insurance as well, and is capped at roughly one-third of the income. This analysis also assumes that the homeowner will put down a 20% down payment.
The Least and Most Affordable American Cities to Own a Home
At the top of the list, and at the very west of the country, San Jose is the least affordable city to own a home for the average American.
One would have to earn at least $374,000 a year to afford a $1.6 million dollar home in the city.
To put those numbers into perspective, the median American annual income is $75,000, about one-fifth what’s required to buy a home in San Jose.
Here’s a look at the annual earnings needed to afford a home in all 50 largest cities in the U.S., ranked from least to most affordable.
Rank | Metro Area | State | Median Home Price | Annual Salary |
---|---|---|---|---|
1 | San Jose | California | $1,618,400 | $373,696 |
2 | San Francisco | California | $1,192,600 | $282,167 |
3 | San Diego | California | $880,000 | $209,110 |
4 | Los Angeles | California | $746,800 | $181,106 |
5 | Seattle | Washington | $699,300 | $170,340 |
6 | Boston | Massachusetts | $644,400 | $165,239 |
7 | New York City | New York | $577,300 | $160,233 |
8 | Denver | Colorado | $636,100 | $150,622 |
9 | Washington, D.C. | N/A | $557,200 | $139,911 |
10 | Miami | Florida | $560,000 | $137,574 |
11 | Portland | Oregon | $556,800 | $136,147 |
12 | Riverside/San Bernardino | California | $550,000 | $133,607 |
13 | Austin | Texas | $467,900 | $128,995 |
14 | Sacramento | California | $500,000 | $125,304 |
15 | Salt Lake City | Utah | $522,700 | $122,717 |
16 | Providence | Rhode Island | $417,000 | $112,281 |
17 | Orlando | Florida | $419,900 | $104,772 |
18 | Dallas | Texas | $372,400 | $103,460 |
19 | Phoenix | Arizona | $439,700 | $103,112 |
20 | Raleigh | North Carolina | $420,000 | $102,572 |
21 | Las Vegas | Nevada | $431,400 | $101,310 |
22 | Tampa | Florida | $390,000 | $97,387 |
23 | Minneapolis | Michigan | $361,500 | $94,466 |
24 | Hartford | Connecticut | $314,900 | $93,861 |
25 | Charlotte | North Carolina | $387,200 | $93,735 |
26 | Jacksonville | Florida | $370,000 | $93,422 |
27 | Baltimore | Maryland | $357,800 | $93,378 |
28 | Nashville | Tennessee | $385,800 | $93,168 |
29 | Chicago | Illinois | $321,000 | $92,868 |
30 | Houston | Texas | $327,000 | $91,826 |
31 | Milwaukee | Wisconsin | $339,600 | $89,752 |
32 | Atlanta | Georgia | $354,300 | $89,198 |
33 | Richmond | Virginia | $362,300 | $88,769 |
34 | San Antonio | Texas | $320,500 | $88,683 |
35 | Philadelphia | Pennsylvania | $315,300 | $87,293 |
36 | Virginia Beach | Virginia | $313,200 | $79,336 |
37 | Kansas City | Missouri | $291,000 | $76,147 |
38 | Columbus | Ohio | $284,700 | $76,133 |
39 | Indianapolis | Indiana | $289,300 | $71,409 |
40 | New Orleans | Louisiana | $265,200 | $68,946 |
41 | Memphis | Tennessee | $268,600 | $68,005 |
42 | Birmingham | Alabama | $276,500 | $67,773 |
43 | Cincinnati | Ohio | $252,200 | $66,260 |
44 | Buffalo | New York | $206,800 | $63,386 |
45 | St Louis | Missouri | $231,100 | $63,260 |
46 | Detroit | Michigan | $227,000 | $62,758 |
47 | Louisville | Kentucky | $246,000 | $62,741 |
48 | Oklahoma City | Oklahoma | $227,300 | $62,161 |
49 | Cleveland | Ohio | $191,400 | $55,515 |
50 | Pittsburgh | Pennsylvania | $175,000 | $50,316 |
National | $371,200 | $97,204 |
Other Californian cities, San Francisco (ranked 2nd), San Diego (3rd), and Los Angeles (4th) all require an annual income of at least $180,000 to attempt home ownership within their metropolitan boundaries.
Boston (ranked 6th) and New York (ranked 7th) represent unaffordability on the East Coast, both requiring at least $160,000 a year to buy homes there.
It’s not just the coasts that are expensive however. To buy a home in Denver (ranked 8th) and Salt Lake City (15th) means earning more than $120,000 a year.
However, cities in the Midwest and South, like Pittsburgh, Detroit, Oklahoma City, and Louisville, are far more affordable, requiring less than $63,000 a year to buy a home.
Interest Rates Rock Home Ownership Chances
Aside from the obvious price differences in housing markets, a key factor that has elevated income requirements across the board is the rapid rise in interest rates in the last year. In fact the average 30-year mortgage has pushed past 7%, the highest it’s been since the 2000s.
This means that while the median price of a house in San Jose has actually come down between 2022 and 2023, the minimum monthly payment has increased from $7,717 to $8,720 this year.
Rank | Metro Area | State | Median Home Price | Monthly Payment |
---|---|---|---|---|
1 | San Jose | California | $1,618,400 | $8,720 |
2 | San Francisco | California | $1,192,600 | $6,584 |
3 | San Diego | California | $880,000 | $4,879 |
4 | Los Angeles | California | $746,800 | $4,226 |
5 | Seattle | Washington | $699,300 | $3,975 |
6 | Boston | Massachusetts | $644,400 | $3,856 |
7 | New York City | New York | $577,300 | $3,739 |
8 | Denver | Colorado | $636,100 | $3,515 |
9 | Washington, D.C. | N/A | $557,200 | $3,265 |
10 | Miami | Florida | $560,000 | $3,210 |
11 | Portland | Oregon | $556,800 | $3,177 |
12 | Riverside/San Bernardino | California | $550,000 | $3,118 |
13 | Austin | Texas | $467,900 | $3,010 |
14 | Sacramento | California | $500,000 | $2,924 |
15 | Salt Lake City | Utah | $522,700 | $2,863 |
16 | Providence | Rhode Island | $417,000 | $2,620 |
17 | Orlando | Florida | $419,900 | $2,445 |
18 | Dallas | Texas | $372,400 | $2,414 |
19 | Phoenix | Arizona | $439,700 | $2,406 |
20 | Raleigh | North Carolina | $420,000 | $2,393 |
21 | Las Vegas | Nevada | $431,400 | $2,364 |
22 | Tampa | Florida | $390,000 | $2,272 |
23 | Minneapolis | Michigan | $361,500 | $2,204 |
24 | Hartford | Connecticut | $314,900 | $2,190 |
25 | Charlotte | North Carolina | $387,200 | $2,187 |
26 | Jacksonville | Florida | $370,000 | $2,180 |
27 | Baltimore | Maryland | $357,800 | $2,179 |
28 | Nashville | Tennessee | $385,800 | $2,174 |
29 | Chicago | Illinois | $321,000 | $2,167 |
30 | Houston | Texas | $327,000 | $2,143 |
31 | Milwaukee | Wisconsin | $339,600 | $2,094 |
32 | Atlanta | Georgia | $354,300 | $2,081 |
33 | Richmond | Virginia | $362,300 | $2,071 |
34 | San Antonio | Texas | $320,500 | $2,069 |
35 | Philadelphia | Pennsylvania | $315,300 | $2,037 |
36 | Virginia Beach | Virginia | $313,200 | $1,851 |
37 | Kansas City | Missouri | $291,000 | $1,777 |
38 | Columbus | Ohio | $284,700 | $1,776 |
39 | Indianapolis | Indiana | $289,300 | $1,666 |
40 | New Orleans | Louisiana | $265,200 | $1,609 |
41 | Memphis | Tennessee | $268,600 | $1,587 |
42 | Birmingham | Alabama | $276,500 | $1,581 |
43 | Cincinnati | Ohio | $252,200 | $1,546 |
44 | Buffalo | New York | $206,800 | $1,479 |
45 | St Louis | Missouri | $231,100 | $1,476 |
46 | Detroit | Michigan | $227,000 | $1,464 |
47 | Louisville | Kentucky | $246,000 | $1,464 |
48 | Oklahoma City | Oklahoma | $227,300 | $1,450 |
49 | Cleveland | Ohio | $191,400 | $1,295 |
50 | Pittsburgh | Pennsylvania | $175,000 | $1,174 |
National | $371,200 | $2,268 |
So to afford a median-priced home in the country, an American needs to earn closer to $100,000 a year, up from $75,500 in 2022. And even then, they would be priced out of owning a home in nearly half of the 50 largest cities in the country.
As a result Americans may yet further delay home ownership. Renting is now a far more attractive option, thanks to the biggest difference between rent and mortgages in over 50 years.
Where Does This Data Come From?
Source: Home Sweet Home (HSH).
Note: HSH used different sources for their median home prices, mortgage rate, property taxes and home insurance figures for their analysis. Please visit their website for more information.
Other: If other personal debts exceed 8% of one’s given monthly gross income, this may increase the salary needed to qualify for a mortgage.
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