While home Opens a New Window. prices are expensive Opens a New Window. , those looking to live in one of the country’s biggest cities might be surprised at where they could afford a home.
For those looking for a bargain, however, California might not be the state for you. Overall, the Golden State’s largest cities are among the most expensive in the U.S.
Personal finance and financial technology company SmartAsset examined home values, down payments, property tax rates, homeowners insurance and other monthly debt payments to assess how much it would take to live in different large U.S. cities.
The study found that some cities – including San Antonio and Philadelphia – are still relatively affordable. Americans with $65,000 could afford to live in these metros, even with other debt obligations.
Here’s the salary it would require to live in ten of the biggest U.S. cities, as compiled by SmartAsset:
1. San Francisco, California
Median home value: $1.1 million
Salary needed to afford home payments: $172,153
Salary needed to afford home payments with $500 in monthly debt payments: $188,819
Salary needed to afford home payments with $1,000 in monthly debt payments: $205,486
2. San Jose, California
Median home value: $854,700
Salary needed to afford home payments: $137,304
Salary needed to afford home payments with $500 in monthly debt payments: $153,971
Salary needed to afford home payments with $1,000 in monthly debt payments: $170,637
3. Los Angeles, California
Median home value: $647,000
Salary needed to afford home payments: $101,420
Salary needed to afford home payments with $500 in monthly debt payments: $118,087
Salary needed to afford home payments with $1,000 in monthly debt payments: $134,753
4. New York, New York
Median home value: $609,500
Salary needed to afford home payments: $98,082
Salary needed to afford home payments with $500 in monthly debt payments: $114,749
Salary needed to afford home payments with $1,000 in monthly debt payments: $131,415
5. San Diego, California
Median home value: $600,300
Salary needed to afford home payments: $94,766
Salary needed to afford home payments with $500 in monthly debt payments: $111,433
Salary needed to afford home payments with $1,000 in monthly debt payments: $128,100
6. Austin, Texas
Median home value: $332,700
Salary needed to afford home payments: $61,856
Salary needed to afford home payments with $500 in monthly debt payments: $78,523
Salary needed to afford home payments with $1,000 in monthly debt payments: $95,190
7. Chicago, Illinois
Median home value: $255,900
Salary needed to afford home payments: $46,370
Salary needed to afford home payments with $500 in monthly debt payments: $63,037
Salary needed to afford home payments with $1,000 in monthly debt payments: $79,704
8. Phoenix, Arizona
Median home value: $231,000
Salary needed to afford home payments: $35,953
Salary needed to afford home payments with $500 in monthly debt payments: $52,620
Salary needed to afford home payments with $1,000 in monthly debt payments: $69,287
9. Fort Worth, Texas
Median home value: $169,400
Salary needed to afford home payments: $32,953
Salary needed to afford home payments with $500 in monthly debt payments: $49,619
Salary needed to afford home payments with $1,000 in monthly debt payments: $66,286
10. Dallas, Texas
Median home value: $190,600
Salary needed to afford home payments: $35,757
Salary needed to afford home payments with $500 in monthly debt payments: $52,424
Salary needed to afford home payments with $1,000 in monthly debt payments: $69,090
