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The Salary Needed To Buy A Home In The D.C. Area

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credit: Tim Boyle/Getty Images

credit: Tim Boyle/Getty Images

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LANHAM, Md. (CBSDC) — The average salary required to own a median-priced home in the Washington metropolitan area is nearly $63,000, according to a study conducted by mortgage research company HSH.

The nation’s capital trails only five of the country’s 25 largest metropolitan areas in salary requirements needed to cover principal and interest payments on average-priced homes. The study does not factor in the cost of taxes, insurance and other expenses associated with home ownership.

According to the study, the figure boomed by more than $14,000 between the first and third quarters of 2013 before declining by $5,535 to close the year.

HSH says the median cost of a home in the Washington area is $368,000 and the average monthly mortgage payment is $1,465. The home values are somewhat lower than estimates given by other companies in similar studies.

The latest Census data lists the average median household income in the metro region as $88,233.

Salaries Required To Own A Home (low to high)

1. Cleveland: $19,435.17
2. Cincinnati: $22,226.95
3. St. Louis: $22,397.54
4. Atlanta: $24,390.94
5. Tampa: $24,650.88
6. Orlando: $28,298.47
7. San Antonio: $29,305.47
8. Dallas: $29,751.24
9. Houston: $31,298.99
10. Chicago: $32,388.90
11. Phoenix: $32,811.94
12. Minneapolis: $33,800.09
13. Philadelphia: $36,836.47
14. Baltimore: $41,155.40
15. Sacramento: $42,832.20
16. Miami: $43,918.66
17. Portland, Ore.: $45,872.78
18. Denver: $48,122.72
19. Seattle: $59,129.86
20. Washington, D.C.: $62,809.63
21. Boston: $63,673.13
22. New York City: $66,167.27
23. Los Angeles: $72,126.90
24. San Diego: $81,570.40
25. San Francisco: $115,510.06

(TM and Copyright 2014 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2014 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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