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The Family Earnings a Household Wants To Purchase a Dwelling in 50 Main Cities in 2024


Feverpitched / Getty Images/iStockphoto

Feverpitched / Getty Images/iStockphoto

Housing prices have soared over the past few years, with average incomes struggling to keep up. According to Zillow, homebuyers need $47,000 more to buy a home than they did in 2020 — a large jump without a substantial change in income.

Even dual-income households still find it difficult to purchase a home in choice locations, with the average salary in the U.S. at $61,220.

However, household income is not the only metric to consider while buying a home. Current savings, investments, expenses, debt, long-term financial plans, external support and what kind of home you’d like to purchase are other important factors to consider, depending on your family needs.

GOBankingRates analyzed the top 200 major cities in the U.S., looking at their population totals, the median incomes and the average household values in each city. From this data, the household income a family needs to buy a home in 2024 varies greatly across the U.S. Here is the household income a family needs to purchase a home in 50 major cities in the U.S.

CRobertson / iStock.comCRobertson / iStock.com

CRobertson / iStock.com

Arlington, Texas

  • Population total: 393,469

  • Median income: $71,736

  • Livability: 78

  • Household average value: $324,247

  • Household 10% down payment: $32,424.70

  • Monthly mortgage cost: $1,940

  • Monthly expenditure cost: $2,784

  • Monthly total cost: $4,724

  • Salary needed: $113,373

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DenisTangneyJr / Getty ImagesDenisTangneyJr / Getty Images

DenisTangneyJr / Getty Images

Wichita, Kansas

  • Population total: 395,951

  • Median income: $60,712

  • Livability: 68

  • Household average value: $197,243

  • Household 10% down payment: $19,724.30

  • Monthly mortgage cost: $1,180

  • Monthly expenditure cost: $2,868

  • Monthly total cost: $4,048

  • Salary needed: $97,147

Strekoza2 / iStock.comStrekoza2 / iStock.com

Strekoza2 / iStock.com

Bakersfield, California

  • Population total: 404,321

  • Median income: $73,827

  • Livability: 57

  • Household average value: $386,811

  • Household 10% down payment: $38,681.10

  • Monthly mortgage cost: $2,314

  • Monthly expenditure cost: $2,822

  • Monthly total cost: $5,136

  • Salary needed: $123,257

Wirestock / iStock.comWirestock / iStock.com

Wirestock / iStock.com

Tulsa, Oklahoma

  • Population total: 411,938

  • Median income: $56,648

  • Livability: 75

  • Household average value: $209,581

  • Household 10% down payment: $20,958.10

  • Monthly mortgage cost: $1,254

  • Monthly expenditure cost: $2,688

  • Monthly total cost: $3,941

  • Salary needed: $94,593

Gian Lorenzo Ferretti Photograph / Getty ImagesGian Lorenzo Ferretti Photograph / Getty Images

Gian Lorenzo Ferretti Photograph / Getty Images

Minneapolis

  • Population total: 426,877

  • Median income: $76,332

  • Livability: 78

  • Household average value: $342,444

  • Household 10% down payment: $34,244.40

  • Monthly mortgage cost: $2,048

  • Monthly expenditure cost: $2,964

  • Monthly total cost: $5,013

  • Salary needed: $120,301

DianeBentleyRaymond / Getty Images/iStockphotoDianeBentleyRaymond / Getty Images/iStockphoto

DianeBentleyRaymond / Getty Images/iStockphoto

Oakland, California

  • Population total: 437,825

  • Median income: $94,389

  • Livability: 71

  • Household average value: $890,225

  • Household 10% down payment: $89,022.50

  • Monthly mortgage cost: $5,325

  • Monthly expenditure cost: $3,441

  • Monthly total cost: $8,766

  • Salary needed: $210,375

Sean Pavone / Getty Images/iStockphotoSean Pavone / Getty Images/iStockphoto

Sean Pavone / Getty Images/iStockphoto

Miami

  • Population total: 443,665

  • Median income: $54,858

  • Livability: 81

  • Household average value: $635,356

  • Household 10% down payment: $63,535.60

  • Monthly mortgage cost: $3,800

  • Monthly expenditure cost: $2,803

  • Monthly total cost: $6,603

  • Salary needed: $158,477

myhrcat / Getty Images/iStockphotomyhrcat / Getty Images/iStockphoto

myhrcat / Getty Images/iStockphoto

Virginia Beach, Virginia

  • Population total: 457,900

  • Median income: $87,544

  • Livability: 83

  • Household average value: $414,686

  • Household 10% down payment: $41,468.60

  • Monthly mortgage cost: $2,481

  • Monthly expenditure cost: $3,092

  • Monthly total cost: $5,573

  • Salary needed: $133,747

P_Wei / iStock.comP_Wei / iStock.com

P_Wei / iStock.com

Long Beach, California

  • Population total: 462,293

  • Median income: $78,995

  • Livability: 69

  • Household average value: $916,271

  • Household 10% down payment: $91,627.10

  • Monthly mortgage cost: $5,481

  • Monthly expenditure cost: $2,983

  • Monthly total cost: $8,464

  • Salary needed: $203,137

zimmytws / iStock.comzimmytws / iStock.com

zimmytws / iStock.com

Raleigh, North Carolina

  • Population total: 465,517

  • Median income: $78,631

  • Livability: 84

  • Household average value: $452,411

  • Household 10% down payment: $45,241.10

  • Monthly mortgage cost: $2,706

  • Monthly expenditure cost: $2,784

  • Monthly total cost: $5,490

  • Salary needed: $131,753

John Hoffman / iStock.comJohn Hoffman / iStock.com

John Hoffman / iStock.com

Colorado Springs, Colorado

  • Population total: 479,612

  • Median income: $79,026

  • Livability: 79

  • Household average value: $466,279

  • Household 10% down payment: $46,627.90

  • Monthly mortgage cost: $2,789

  • Monthly expenditure cost: $2,854

  • Monthly total cost: $5,643

  • Salary needed: $135,435

DenisTangneyJr / Getty Images/iStockphotoDenisTangneyJr / Getty Images/iStockphoto

DenisTangneyJr / Getty Images/iStockphoto

Omaha, Nebraska

  • Population total: 489,201

  • Median income: $70,202

  • Livability: 83

  • Household average value: $283,135

  • Household 10% down payment: $28,313.50

  • Monthly mortgage cost: $1,694

  • Monthly expenditure cost: $3,046

  • Monthly total cost: $4,740

  • Salary needed: $113,750

graphiknation / Getty Images/iStockphotographiknation / Getty Images/iStockphoto

graphiknation / Getty Images/iStockphoto

Atlanta

  • Population total: 494,838

  • Median income: $77,655

  • Livability: 78

  • Household average value: $452,015

  • Household 10% down payment: $45,201.50

  • Monthly mortgage cost: $2,704

  • Monthly expenditure cost: $2,773

  • Monthly total cost: $5,477

  • Salary needed: $131,447

Terryfic3D / Getty ImagesTerryfic3D / Getty Images

Terryfic3D / Getty Images

Mesa, Arizona

  • Population total: 503,390

  • Median income: $73,766

  • Livability: 81

  • Household average value: $452,888

  • Household 10% down payment: $45,288.80

  • Monthly mortgage cost: $2,709

  • Monthly expenditure cost: $2,722

  • Monthly total cost: $5,431

  • Salary needed: $130,349

Tory Garcia / Getty Images/iStockphotoTory Garcia / Getty Images/iStockphoto

Tory Garcia / Getty Images/iStockphoto

Kansas City, Missouri

  • Population total: 505,958

  • Median income: $65,256

  • Livability: 78

  • Household average value: $243,648

  • Household 10% down payment: $24,364.80

  • Monthly mortgage cost: $1,457

  • Monthly expenditure cost: $2,653

  • Monthly total cost: $4,110

  • Salary needed: $98,651

Davel5957 / iStock.comDavel5957 / iStock.com

Davel5957 / iStock.com

Sacramento, California

  • Population total: 523,600

  • Median income: $78,954

  • Livability: 73

  • Household average value: $491,908

  • Household 10% down payment: $49,190.80

  • Monthly mortgage cost: $2,942

  • Monthly expenditure cost: $3,044

  • Monthly total cost: $5,986

  • Salary needed: $143,673

George Ramirez / iStock.comGeorge Ramirez / iStock.com

George Ramirez / iStock.com

Tucson, Arizona

  • Population total: 541,033

  • Median income: $52,049

  • Livability: 73

  • Household average value: $341,273

  • Household 10% down payment: $34,127.30

  • Monthly mortgage cost: $2,041

  • Monthly expenditure cost: $2,591

  • Monthly total cost: $4,633

  • Salary needed: $111,186

DenisTangneyJr / iStock.comDenisTangneyJr / iStock.com

DenisTangneyJr / iStock.com

Fresno, California

  • Population total: 541,528

  • Median income: $63,001

  • Livability: 63

  • Household average value: $391,610

  • Household 10% down payment: $39,161

  • Monthly mortgage cost: $2,342

  • Monthly expenditure cost: $2,832

  • Monthly total cost: $5,174

  • Salary needed: $124,176

Davel5957 / iStock.comDavel5957 / iStock.com

Davel5957 / iStock.com

Albuquerque, New Mexico

  • Population total: 562,551

  • Median income: $61,503

  • Livability: 72

  • Household average value: $335,832

  • Household 10% down payment: $33,583.20

  • Monthly mortgage cost: $2,009

  • Monthly expenditure cost: $2,588

  • Monthly total cost: $4,597

  • Salary needed: $110,336

Kimprobable / Getty Images/iStockphotoKimprobable / Getty Images/iStockphoto

Kimprobable / Getty Images/iStockphoto

Milwaukee

  • Population total: 573,299

  • Median income: $49,733

  • Livability: 79

  • Household average value: $205,132

  • Household 10% down payment: $20,513.20

  • Monthly mortgage cost: $1,227

  • Monthly expenditure cost: $2,798

  • Monthly total cost: $4,025

  • Salary needed: $96,602

drnadig / Getty Imagesdrnadig / Getty Images

drnadig / Getty Images

Baltimore

  • Population total: 584,548

  • Median income: $58,349

  • Livability: 77

  • Household average value: $186,037

  • Household 10% down payment: $18,603.70

  • Monthly mortgage cost: $1,113

  • Monthly expenditure cost: $2,714

  • Monthly total cost: $3,827

  • Salary needed: $91,846

jfrielmoore / Getty Images/iStockphotojfrielmoore / Getty Images/iStockphoto

jfrielmoore / Getty Images/iStockphoto

Louisville, Kentucky

  • Population total: 629,176

  • Median income: $63,114

  • Livability: 66

  • Household average value: $246,451

  • Household 10% down payment: $24,645.10

  • Monthly mortgage cost: $1,474

  • Monthly expenditure cost: $2,551

  • Monthly total cost: $4,025

  • Salary needed: $96,608

sframephoto / Getty Images/iStockphotosframephoto / Getty Images/iStockphoto

sframephoto / Getty Images/iStockphoto

Memphis, Tennessee

  • Population total: 630,027

  • Median income: $48,090

  • Livability: 70

  • Household average value: $149,486

  • Household 10% down payment: $14,948.60

  • Monthly mortgage cost: $894

  • Monthly expenditure cost: $2,633

  • Monthly total cost: $3,528

  • Salary needed: $84,661

halbergman / iStock.comhalbergman / iStock.com

halbergman / iStock.com

Detroit

  • Population total: 636,787

  • Median income: $37,761

  • Livability: 73

  • Household average value: $72,292

  • Household 10% down payment: $7,229.20

  • Monthly mortgage cost: $432

  • Monthly expenditure cost: $2,599

  • Monthly total cost: $3,031

  • Salary needed: $72,744

LTuray / Getty Images/iStockphotoLTuray / Getty Images/iStockphoto

LTuray / Getty Images/iStockphoto

Las Vegas

  • Population total: 644,835

  • Median income: $66,356

  • Livability: 82

  • Household average value: $441,334

  • Household 10% down payment: $44,133.40

  • Monthly mortgage cost: $2,640

  • Monthly expenditure cost: $2,806

  • Monthly total cost: $5,446

  • Salary needed: $130,708

pawel.gaul / Getty Images/iStockphotopawel.gaul / Getty Images/iStockphoto

pawel.gaul / Getty Images/iStockphoto

Portland, Oregon

  • Population total: 646,101

  • Median income: $85,876

  • Livability: 78

  • Household average value: $566,065

  • Household 10% down payment: $56,606.50

  • Monthly mortgage cost: $3,386

  • Monthly expenditure cost: $2,957

  • Monthly total cost: $6,343

  • Salary needed: $152,230

RomanBabakin / Getty ImagesRomanBabakin / Getty Images

RomanBabakin / Getty Images

Boston

  • Population total: 665,945

  • Median income: $89,212

  • Livability: 77

  • Household average value: $803,072

  • Household 10% down payment: $80,307.20

  • Monthly mortgage cost: $4,804

  • Monthly expenditure cost: $3,358

  • Monthly total cost: $8,161

  • Salary needed: $195,873

SeanPavonePhoto / Getty Images/iStockphotoSeanPavonePhoto / Getty Images/iStockphoto

SeanPavonePhoto / Getty Images/iStockphoto

Washington, D.C.

  • Population total: 670,587

  • Median income: $101,722

  • Livability: 75

  • Household average value: $733,917

  • Household 10% down payment: $73,391.70

  • Monthly mortgage cost: $4,390

  • Monthly expenditure cost: $3,509

  • Monthly total cost: $7,899

  • Salary needed: $189,569

DenisTangneyJr / Getty ImagesDenisTangneyJr / Getty Images

DenisTangneyJr / Getty Images

El Paso, Texas

  • Population total: 677,181

  • Median income: $55,710

  • Livability: 81

  • Household average value: $223,722

  • Household 10% down payment: $22,372.20

  • Monthly mortgage cost: $1,338

  • Monthly expenditure cost: $2,485

  • Monthly total cost: $3,823

  • Salary needed: $91,752

Davel5957 / iStock.comDavel5957 / iStock.com

Davel5957 / iStock.com

Oklahoma City, Oklahoma

  • Population total: 681,088

  • Median income: $64,251

  • Livability: 81

  • Household average value: $207,622

  • Household 10% down payment: $20,762.20

  • Monthly mortgage cost: $1,242

  • Monthly expenditure cost: $2,690

  • Monthly total cost: $3,932

  • Salary needed: $94,359

MoreISO / Getty ImagesMoreISO / Getty Images

MoreISO / Getty Images

Nashville, Tennessee

  • Population total: 684,103

  • Median income: $71,328

  • Livability: 78

  • Household average value: $453,841

  • Household 10% down payment: $45,384.10

  • Monthly mortgage cost: $2,715

  • Monthly expenditure cost: $2,740

  • Monthly total cost: $5,455

  • Salary needed: $130,921

georgeclerk / Getty Imagesgeorgeclerk / Getty Images

georgeclerk / Getty Images

Denver

  • Population total: 710,800

  • Median income: $85,853

  • Livability: 72

  • Household average value: $625,555

  • Household 10% down payment: $62,555.50

  • Monthly mortgage cost: $3,742

  • Monthly expenditure cost: $3,084

  • Monthly total cost: $6,826

  • Salary needed: $163,826

Ultima_Gaina / Getty Images/iStockphotoUltima_Gaina / Getty Images/iStockphoto

Ultima_Gaina / Getty Images/iStockphoto

Seattle

  • Population total: 734,603

  • Median income: $116,068

  • Livability: 75

  • Household average value: $974,599

  • Household 10% down payment: $97,459.90

  • Monthly mortgage cost: $5,830

  • Monthly expenditure cost: $3,039

  • Monthly total cost: $8,869

  • Salary needed: $212,847

Alex Potemkin / Getty ImagesAlex Potemkin / Getty Images

Alex Potemkin / Getty Images

San Francisco

  • Population total: 851,036

  • Median income: $136,689

  • Livability: 75

  • Household average value: $1,437,512

  • Household 10% down payment: $143,751.20

  • Monthly mortgage cost: $8,599

  • Monthly expenditure cost: $3,580

  • Monthly total cost: $12,178

  • Salary needed: $292,279

Sean Pavone / Getty Images/iStockphotoSean Pavone / Getty Images/iStockphoto

Sean Pavone / Getty Images/iStockphoto

Charlotte, North Carolina

  • Population total: 875,045

  • Median income: $74,070

  • Livability: 80

  • Household average value: $409,432

  • Household 10% down payment: $40,943.20

  • Monthly mortgage cost: $2,449

  • Monthly expenditure cost: $2,773

  • Monthly total cost: $5,222

  • Salary needed: $125,328

Nicholas Klein / iStock.comNicholas Klein / iStock.com

Nicholas Klein / iStock.com

Indianapolis

  • Population total: 882,006

  • Median income: $59,110

  • Livability: 76

  • Household average value: $232,511

  • Household 10% down payment: $23,251.10

  • Monthly mortgage cost: $1,391

  • Monthly expenditure cost: $2,651

  • Monthly total cost: $4,041

  • Salary needed: $96,995

aceshot / Getty Images/iStockphotoaceshot / Getty Images/iStockphoto

aceshot / Getty Images/iStockphoto

Columbus, Ohio

  • Population total: 902,449

  • Median income: $62,994

  • Livability: 81

  • Household average value: $262,926

  • Household 10% down payment: $26,292.60

  • Monthly mortgage cost: $1,573

  • Monthly expenditure cost: $2,721

  • Monthly total cost: $4,294

  • Salary needed: $103,054

Davel5957 / Getty Images/iStockphotoDavel5957 / Getty Images/iStockphoto

Davel5957 / Getty Images/iStockphoto

Fort Worth, Texas

  • Population total: 924,663

  • Median income: $72,726

  • Livability: 80

  • Household average value: $309,142

  • Household 10% down payment: $30,914.20

  • Monthly mortgage cost: $1,849

  • Monthly expenditure cost: $2,790

  • Monthly total cost: $4,639

  • Salary needed: $111,336

LUNAMARINA / Getty Images/iStockphotoLUNAMARINA / Getty Images/iStockphoto

LUNAMARINA / Getty Images/iStockphoto

Jacksonville, Florida

  • Population total: 950,203

  • Median income: $64,138

  • Livability: 84

  • Household average value: $310,790

  • Household 10% down payment: $31,079

  • Monthly mortgage cost: $1,859

  • Monthly expenditure cost: $2,755

  • Monthly total cost: $4,614

  • Salary needed: $110,727

RoschetzkyIstockPhoto / iStock.comRoschetzkyIstockPhoto / iStock.com

RoschetzkyIstockPhoto / iStock.com

Austin, Texas

  • Population total: 958,202

  • Median income: $86,556

  • Livability: 83

  • Household average value: $578,348

  • Household 10% down payment: $57,834.80

  • Monthly mortgage cost: $3,459

  • Monthly expenditure cost: $2,790

  • Monthly total cost: $6,249

  • Salary needed: $149,976

Andrei Stanescu / Getty Images/iStockphotoAndrei Stanescu / Getty Images/iStockphoto

Andrei Stanescu / Getty Images/iStockphoto

San Jose, California

  • Population total: 1,001,176

  • Median income: $136,010

  • Livability: 79

  • Household average value: $1,581,617

  • Household 10% down payment: $158,161.70

  • Monthly mortgage cost: $9,461

  • Monthly expenditure cost: $3,445

  • Monthly total cost: $12,906

  • Salary needed: $309,747

Art Wager / iStock.comArt Wager / iStock.com

Art Wager / iStock.com

Dallas

  • Population total: 1,300,642

  • Median income: $63,985

  • Livability: 81

  • Household average value: $336,851

  • Household 10% down payment: $33,685.10

  • Monthly mortgage cost: $2,015

  • Monthly expenditure cost: $2,777

  • Monthly total cost: $4,792

  • Salary needed: $115,001

Photo Beto / Getty ImagesPhoto Beto / Getty Images

Photo Beto / Getty Images

San Diego

  • Population total: 1,383,987

  • Median income: $98,657

  • Livability: 75

  • Household average value: $1,163,681

  • Household 10% down payment: $116,368.10

  • Monthly mortgage cost: $6,961

  • Monthly expenditure cost: $3,243

  • Monthly total cost: $10,204

  • Salary needed: $244,888

benedek / Getty Images/iStockphotobenedek / Getty Images/iStockphoto

benedek / Getty Images/iStockphoto

San Antonio

  • Population total: 1,445,662

  • Median income: $59,593

  • Livability: 80

  • Household average value: $262,090

  • Household 10% down payment: $26,209

  • Monthly mortgage cost: $1,568

  • Monthly expenditure cost: $2,645

  • Monthly total cost: $4,213

  • Salary needed: $101,104

Phaucet / Getty Images/iStockphotoPhaucet / Getty Images/iStockphoto

Phaucet / Getty Images/iStockphoto

Philadelphia

  • Population total: 1,593,208

  • Median income: $57,537

  • Livability: 76

  • Household average value: $217,595

  • Household 10% down payment: $21,795.50

  • Monthly mortgage cost: $1,302

  • Monthly expenditure cost: $2,881

  • Monthly total cost: $4,183

  • Salary needed: $100,388

slovegrove / iStock.comslovegrove / iStock.com

slovegrove / iStock.com

Phoenix

  • Population total: 1,609,456

  • Median income: $72,092

  • Livability: 76

  • Household average value: $443,451

  • Household 10% down payment: $44,345.10

  • Monthly mortgage cost: $2,653

  • Monthly expenditure cost: $2,734

  • Monthly total cost: $5,386

  • Salary needed: $129,273

LUNAMARINA / Getty Images/iStockphotoLUNAMARINA / Getty Images/iStockphoto

LUNAMARINA / Getty Images/iStockphoto

Houston

  • Population total: 2,296,253

  • Median income: $60,440

  • Livability: 74

  • Household average value: $277,804

  • Household 10% down payment: $27,780.40

  • Monthly mortgage cost: $1,662

  • Monthly expenditure cost: $2,715

  • Monthly total cost: $4,377

  • Salary needed: $105,044

rafalkrakow / Getty Images/iStockphotorafalkrakow / Getty Images/iStockphoto

rafalkrakow / Getty Images/iStockphoto

Chicago

  • Population total: 2,721,914

  • Median income: $71,673

  • Livability: 78

  • Household average value: $306,126

  • Household 10% down payment: $30,612.60

  • Monthly mortgage cost: $1,831

  • Monthly expenditure cost: $2,936

  • Monthly total cost: $4,767

  • Salary needed: $114,414

Wirestock / iStock.comWirestock / iStock.com

Wirestock / iStock.com

Los Angeles

  • Population total: 3,881,041

  • Median income: $76,244

  • Livability: 67

  • Household average value: $1,043,216

  • Household 10% down payment: $104,321.60

  • Monthly mortgage cost: $6,240

  • Monthly expenditure cost: $3,004

  • Monthly total cost: $9,245

  • Salary needed: $221,869

Colin Thompson / iStock.comColin Thompson / iStock.com

Colin Thompson / iStock.com

New York City

  • Population total: 8,622,467

  • Median income: $76,607

  • Livability: 75

  • Household average value: $777,820

  • Household 10% down payment: $77,782

  • Monthly mortgage cost: $4,653

  • Monthly expenditure cost: $3,637

  • Monthly total cost: $8,290

  • Salary needed: $198,958

Methodology: For this study, GOBankingRates analyzed the top 200 major cities by population as sourced from the U.S. Census American Community Survey. For each city, a number of factors were found, including total population, total households, household median income as sourced from the U.S. Census American Community Survey, livability index as sourced from AreaVibes, cost of living indexes as sourced from Sperlings BestPlaces, and the average single family home as sourced from Zillow Home Value Index. Assuming a 10% down payment and using the national average 30-year fixed mortgage rate, the average mortgage cost can be calculated. With the cost of living indexes and using the national average expenditure costs for a family, sourced from the Bureau of Labor Statistics 2022 Consumer Expenditure Survey for married couple with kid(s). Using the average expenditure and average mortgage costs, the total monthly cost of living can be calculated. Using the 50/30/20 rule that states the needs should not exceed 50% of the household income, the average household income is needed can be calculated. The cities were sorted by their total population to show the average household income a family needs to buy a home in major U.S. cities. All data was collected on and is up to date as of June 6, 2024.

More From GOBankingRates

This article originally appeared on GOBankingRates.com: The Household Income a Family Needs To Buy a Home in 50 Major Cities in 2024



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