This is how much you'll need to earn to be a homeowner in all of America's top 50 metro areas
Income to buy a home is average of $116k across America - but varies by metroIn San Jose a salary of $361k needed, but it's just $67k in Pittsburgh Scroll down for a table showing the salary needed in 50 biggest metros
You don't need to earn six figures to buy a home in America - provided you know where to look.
Across America the average income to buy a home in April was around $116,000, according to Realtor.com's latest report into prices acros the 50 biggest metros.
But - in 14 metros of those where prices are low - earning less than $100,000 is enough to afford a home. Scroll down for a table for the salary needed in each of the 50 metros.
'Homeownership is possible if you don't earn six figures,' says Realtor.com chief economist Danielle Hale.
'In these areas, prices are low enough that, even with high mortgage rates, prices aren't out of reach.'
The salary needed to buy a home in the 50 largest metros varies dramatically, according to a new report from Realtor.com. This map shows the top and bottom three
In fact, in Pittsburgh, prospective homeowners only earn about $67,000 to afford the typical home in the area.
But buying a home in Pittsburgh isn't without its challenges, warns Dawn Bierker, a local real estate broker at Re/Max 360 Realty. Each home gets multiple offers and first-time buyers are often outbid by investors.
'Pittsburgh used to be very affordable,' Bierker told Realtor.com.
'But in the last five years, we've seen a significant increase in property values. We're also seeing many investors coming in and buying up properties.'
At the other end is San Jose where the average listing price is $1,467,000. To cover the huge mortgage payments, homebuyers need a salary of $361,000.
Read More
America's bargain properties! Inside the 15 neighborhoods where average house prices are falling
To work out the salary required to buy a home, Realtor.com looked at median home list prices in the 50 largest metropolitan areas.
They assumed a 20 percent down payment, a mortgage rate of 6.99 percent, and factored in local taxes and insurance rates.
The economists behind the analysis also ensured that total costs for the mortgage and extras would not be higher than 30 percent of the buyer's earnings.
Meanwhile, a separate new report by the National Association of Realtors (NAR) revealed how a treasure trove of bargain property hotspots is popping up across the country.
Unlike the Realtor.com report - which matched average local house prices with local earnings - the NAR report looked simply at how much prices have gone up or down in the past year in different areas.
It found 15 cities where home values have fallen outright this year. Among them are neighborhoods in New York, Texas and Florida.
These areas are at-odds with a nationwide trend which has seen the median price of a single-family home rise 5 percent year-on-year to a median of $389,400.
At the same time, mortgage rates have surpassed 7 percent - meaning buyers face paying more than $900 a month on a standard home than if they had bought two years ago.
Top left shows a home in Cleveland on the market for $195,000. Bottom left shows a 1,898 sq ft home in Pittsburgh on sale for $199,000. Top right shows a $1.4 million home in Boston. Bottom right shows $1,488,000 home in San Jose
| Metro area | Averge listing price | Income needed |
|---|---|---|
| Pittsburgh, Pa. | $250,000 | $67,000 |
| Detroit-Warren-Dearborn, Mich. | $250,000 | $69,000 |
| Cleveland-Elyria, Ohio | $255,000 | $71,000 |
| Birmingham-Hoover, Ala. | $297,000 | $75,000 |
| Buffalo-Cheektowaga, N.Y. | $285,000 | $79,000 |
| St. Louis, Mo.-Ill. | $294,000 | $82,000 |
| Indianapolis-Carmel-Anderson, Ind. | $340,000 | $87,000 |
| Louisville/Jefferson County, Ky.-Ind. | $327,000 | $87,000 |
| Rochester, N.Y. | $295,000 | $87,000 |
| New Orleans-Metairie, La. | $335,000 | $90,000 |
| Baltimore-Columbia-Towson, Md. | $352,000 | $91,000 |
| Memphis, Tenn.-Miss.-Ark. | $339,000 | $91,000 |
| Oklahoma City, Okla. | $330,000 | $98,000 |
| Cincinnati, Ohio-Ky.-Ind. | $375,000 | $99,000 |
| Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. | $370,000 | $100,000 |
| San Antonio-New Braunfels, Texas | $345,000 | $100,000 |
| Virginia Beach-Norfolk-Newport News, Va.-N.C. | $390,000 | $100,000 |
| Milwaukee-Waukesha, Wis. | $376,000 | $102,000 |
| Charlotte-Concord-Gastonia, N.C.-S.C. | $422,000 | $106,000 |
| Atlanta-Sandy Springs-Alpharetta, Ga. | $415,000 | $108,000 |
| Columbus, Ohio | $397,000 | $108,000 |
| Jacksonville, Fla. | $420,000 | $108,000 |
| Tampa-St. Petersburg-Clearwater, Fla. | $420,000 | $109,000 |
| Raleigh-Cary, N.C. | $451,000 | $113,000 |
| Las Vegas-Henderson-Paradise, Nev. | $475,000 | $114,000 |
| Richmond, Va. | $459,000 | $114,000 |
| Chicago-Naperville-Elgin, Ill.-Ind.-Wis. | $389,000 | $115,000 |
| Orlando-Kissimmee-Sanford, Fla. | $440,000 | $116,000 |
| Hartford-East Hartford-Middletown, Conn. | $406,000 | $118,000 |
| Houston-The Woodlands-Sugar Land, Texas | $370,000 | $118,000 |
| Kansas City, Mo.-Kan. | $422,000 | $119,000 |
| Minneapolis-St. Paul-Bloomington, Minn.-Wis. | $449,000 | $122,000 |
| Phoenix-Mesa-Chandler, Ariz. | $537,000 | $132,000 |
| Providence-Warwick, R.I.-Mass. | $524,000 | $138,000 |
| Dallas-Fort Worth-Arlington, Texas | $450,000 | $139,000 |
| Nashville-Davidson-Murfreesboro-Franklin, Tenn. | $573,000 | $142,000 |
| Riverside-San Bernardino-Ontario, Calif. | $600,000 | $152,000 |
| Miami-Fort Lauderdale-Pompano Beach, Fla. | $540,000 | $153,000 |
| Portland-Vancouver-Hillsboro, Ore.-Wash. | $615,000 | $156,000 |
| Austin-Round Rock-Georgetown, Texas | $557,000 | $157,000 |
| Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va. | $625,000 | $159,000 |
| Sacramento-Roseville-Folsom, Calif. | $650,000 | $162,000 |
| Denver-Aurora-Lakewood, Colo. | $625,000 | $165,000 |
| Seattle-Tacoma-Bellevue, Wash. | $775,000 | $193,000 |
| New York-Newark-Jersey City, N.Y.-N.J.-Pa. | $769,000 | $218,000 |
| Boston-Cambridge-Newton, Mass.-N.H. | $870,000 | $226,000 |
| San Francisco-Oakland-Berkeley, Calif. | $1,027,000 | $256,000 |
| San Diego-Chula Vista-Carlsbad, Calif. | $1,050,000 | $259,000 |
| Los Angeles-Long Beach-Anaheim, Calif. | $1,192,000 | $298,000 |
| San Jose-Sunnyvale-Santa Clara, Calif. | $1,467,000 | $361,000 |