Can You Actually Afford a House? Here's How Much Money You Need to Earn to Pay a Mortgage in 27 U.S. Cities

Want to buy a home? Go west, young man.

Midwest, that is.

In a February study of home prices across the U.S., mortgage-tracking website HSH.com determined the salary one would need to earn to afford mortgage payments in 27 of the country's biggest cities.

Flat, conservative areas were among the most affordable, while California dominated the upper echelon of priciness.

Cleveland's median home price of $121,200 was the lowest in the nation, but Pittsburgh's lower prevailing mortgage rate (3.98 percent on a 30-year fixed-rate mortgage, compared to Cleveland's 4.05 percent) meant the "Paris of Appalachia" required the lowest salary for home ownership: $31,716 per year.

Pittsburgh has America's most affordable housing market, according to a new study from HSH.com. (Image via Jaime Dillen-Seibel/flickr)

In San Francisco, on the other end of the spectrum, median mortgage payments topped $3,300 per month, compared to much of the Midwest where a monthly mortgage payment was less than $1,000.

To afford a mortgage in San Francisco, you'd need to earn more than $142,000 in a year — nearly triple the median U.S. household income.

Home prices in such cities as Baltimore, Philadelphia, Dallas and Houston put them firmly within the reach of a median household.

Explore the affordability map below to see the most- and least-expensive metros in the U.S.:

A few key points: HSH.com calculated required salaries based on the home prices, prevailing rates for a 30-year mortgage with a 20 percent down payment. A weak credit score or putting less than 20 percent down could dramatically boost your mortgage payments — and put home ownership further out of reach for many.

Read the full study here.

This story has been updated.

—

Follow Zach Noble (@thezachnoble) on Twitter