The US housing market has seen significant fluctuations in recent years, with the income required to purchase a home varying greatly depending on the location. According to data from HSH, which compares statistics from the National Association of Realtors, major mortgage providers, and salary data from sources including the BLS, the average income needed to buy a home in the largest US metro areas is $103,419.69.

Regional Variations

However, this number can range from under $65,000 in Pittsburgh to nearly $200,000 in San Jose, California. In New York City, buyers need almost $200,000 annually to cover the $4,608.85 average monthly repayments, with median property prices at $750,000. In Los Angeles, the average monthly repayments are higher, at $4,778.58, due to median property prices of $858,500.

In Chicago, the picture for home buyers is slightly better, with median home prices at $384,100 and monthly repayments on a typical 30-year mortgage package estimated at $2,509.42. However, the mean hourly earnings in Chicago were $34.42 in 2024, and the per-capita annual income is $50,086, indicating an affordability gap for many residents.

Dallas is the first metro market where property prices have risen on average in 2026, up 0.65% to a median of $369,000. With a mortgage deal locked in for three decades at the standard 6.11% rate, buyers will pay $2,468.64 a month, assuming a 20% down payment.

National Trends

Nationally, the average income required for affordable homeownership is $103,419.69, reflecting median home prices currently at $404,300. While some regions have seen a softening of the market, with prices easing in select metros, the primary affordability barrier remains the disconnect between median incomes and financing requirements.

Original reporting: KRDO (Colorado Springs metro) — read the source article.