Buying a home in America's major cities has become an increasingly futile dream for many. Skyrocketing house prices and rising borrowing costs have pushed homeownership further out of reach, especially in the nation’s most in-demand markets.

Using data from mortgage site HSH, we reveal how much you really need to earn to afford a median-priced home in 20 of the most expensive cities, considering mortgage payments, taxes, and insurance costs. From New York to San Diego, six-figure salaries barely cut it – and in some places, even that’s not enough.

Click or scroll on to discover the income you'll need in today’s toughest housing markets...

The data referenced in this article was collated by mortgage site HSH, which calculated the pre-tax income needed to afford a median-priced home in cities across the US in the first quarter of 2025. Calculations assumed a 28% mortgage-to-income ratio, a 20% down payment, and a 30-year fixed-rate mortgage, using rate data from Freddie Mac and the Mortgage Bankers Association of America.

Median home prices for each metro area were sourced from the National Association of Realtors, average property taxes were obtained from the US Census Bureau, and statewide average insurance premiums came from the Insurance Information Institute.

In Hartford, Connecticut, homebuyers now need to earn $113,490.93 annually to afford a median-priced home, which currently sits at $378,300. That’s a jump of more than 7.9% in cost compared to house prices in 2024, a significant squeeze on the finances of would-be homeowners. 

Once considered a more affordable alternative to metros on Connecticut's Gold Coast, Hartford is feeling the pressure of rising demand and limited housing inventory. While the city offers a mix of historic charm, proximity to New York and Boston, and a growing job market in insurance, aerospace, and healthcare, the cost of putting down roots is increasingly outpacing local wage growth. 

While it used to be known for its relative affordability, Orlando now requires a $117,730.97 annual income to purchase a typical home. Median house prices stand at $445,000, which is higher than the state median. Although home values have risen a modest 2.3% since 2024, the gap between wages and housing costs continues to widen.

Orlando’s appeal – sunshine, strong job growth, and global tourism – has fueled steady demand, but a lack of affordable housing is pricing out many potential buyers. Despite being a top destination for newcomers and remote workers, the city is becoming less accessible for locals hoping to buy, especially those without dual incomes.

Famous for its glittering casinos and resorts, Las Vegas attracts millions of visitors each year, but locals face a much tougher reality when it comes to breaking into the housing market. To afford a typical house priced at the city median of $486,400, buyers need to earn at least $119,241.53 annually.

House prices in Las Vegas have climbed by more than 4.5% over the past 12 months, part of an upward trend over the last few years. Despite plenty of housing stock, affordability remains a major barrier. As a result, many potential buyers are staying on the sidelines and turning to the rental market instead, where monthly rents are often far cheaper than mortgage payments.

Phoenix, Arizona’s economic hub, has long drawn homebuyers thanks to its cosmopolitan lifestyle and strong job opportunities in sectors like education, fintech, and hospitality.  Anyone hoping to relocate to this desert city will need an annual income of around $119,545.69 to afford a median-priced home costing $487,900. That's a 3.7% increase compared to 2024 and around 53% higher than house prices back in 2020.

The crux of the issue is a critical shortage of affordable homes. The housing deficit in Phoenix is around 17,885, leaving both local renters and newcomers with limited options.

The picturesque home of Brown University, Providence is a city of renters, with only 40% of households owner-occupied. Over half of renters and a third of homeowners spend more than 30% of their income on housing, making swaths of the population officially housing-cost burdened.

The city's housing crisis is rooted in a shortfall of affordable homes, made worse by slow construction. A median-priced home will set you back $492,700 and require an annual income of $135,721.26, a figure unattainable for many. Between 2024 and 2025, house prices rose by almost 4.7%, further pushing homeownership beyond the reach of the city’s middle-income earners.

Between 2010 and 2022, Austin was America's fastest-growing metro thanks to its strong job growth, vibrant city life, and access to green spaces. This rapid influx, particularly during the pandemic, led to a housing shortage and a surge in property prices. While increased home building and a focus on affordable housing have led to a decline in house prices more recently, the market remains challenging for buyers.

Typical homes in the city now cost $465,100, down just over 0.3% from the previous year. However, with buyers needing a salary of at least $136,844.59, Austin's property market has a high barrier to entry, especially for first-time buyers.

Salt Lake City has become a popular destination for buyers due to its thriving job market and proximity to natural beauty spots. But purchasing a home here at the median price of $556,500 – up just under 1% from 2024 – now means you need a sizeable salary of $138,011.72.

While price growth appears modest, the gap between incomes and home values tells a different story. According to the Utah Association of Realtors, the average homeowner's wage only covers around 74% of the money needed to buy a home in their neighborhood. With Salt Lake ranked among the top five US metros facing a housing crisis, many buyers remain priced out, despite ongoing efforts to boost affordability.

Known for its quality of life and family-friendly suburbs, Sacramento has historically been viewed as a cheaper alternative to California’s pricier cities. But in recent years, rising living costs and limited housing construction – which has failed to keep pace with population growth – have rewritten the narrative. The result is a growing affordable housing shortage and rising homelessness.

The median home price in the city has climbed over 3% since 2024 to $550,000, requiring an annual income of $144,791.01. The financial strain is so severe that in Sacramento County, a single-person household earning $72,050 is now considered low-income.

Portland is a sought-after city in the Pacific Northwest, combining breathtaking green spaces with a quirky, cosmopolitan culture. Yet the price of settling down here is too high for many. In 2025, house prices rose 3% from the year before to $591,200. To foot the bill of a typical home, buyers now need a yearly salary of $151,962.99. 

A 2025 report from online lending marketplace LendingTree ranked Portland as having the worst housing crisis outlook among major US metros. Like Sacramento, a decade-long housing shortage has driven up property prices, making homeownership increasingly unattainable for lower- and middle-income residents.

Often dubbed Southern California's last affordable region, the Riverside/San Bernardino metro area has seen a wave of coastal renters moving inland to lay down roots. But just how accessible the housing market truly is remains debatable. Median house prices stand at $609,200, up more than 5% year-on-year, while buyers need an income of $155,109.35 to afford a typical property here.

A crucial challenge facing residents is the area's increasingly unbalanced market. According to data from the National Association of REALTORS Research Group, the number of affordable house listings in the metro has decreased by 8,729 since 2024.

In Denver, Colorado, prospective buyers now need to bring home around $161,935.01 each year to cover the costs of buying a typical $647,800 home. House prices may have dipped by just less than 0.5% compared to the previous 12 months, but the city is still in the grips of a housing crisis, stoked by a lack of affordable homes and sluggish permitting processes. 

While Denver blends a thriving arts scene and urban amenities with spectacular green spaces and easy access to the Rocky Mountains, the price of living in the Mile High City is proving too steep for many.

With its warm climate, coastal lifestyle, and low unemployment rate, it isn't hard to see why Miami attracts new residents. But real estate here doesn't come cheap. The median house price has climbed 3% since 2024 to $643,900, requiring an income of $165,817.76 to foot housing expenses. 

Beneath the surface, Miami’s housing outlook is even more concerning. In 2025, Swiss bank UBS ranked it the world’s most at-risk real estate bubble, following a decade of surging prices. Rising insurance premiums driven by climate change and growing homeowner association fees are adding to the burden, making homeownership in Miami increasingly expensive.

The political heart of the nation, Washington, DC, has a rich cultural scene, with a plethora of world-class museums and landmarks. Despite having the second-highest median household income among US metro areas, rising property prices and a severe shortage of affordable homes are making the dream of homeownership ever more elusive.

A typical home will now set residents back $630,900, up 5.1% from a year ago. To afford their own place, would-be buyers will need an annual household income of $166,814.38, pricing many locals out of the market.

Living among Boston's historic neighborhoods, world-famous universities, and cosmopolitan buzz is increasingly out of reach for many aspiring homeowners. The median home price in the city stands at $734,000, a year-on-year increase of over 4.1%. Those looking to buy will struggle to afford a home on a salary of less than $194,593.43. 

The affordability gap in Boston has been widening for years. Since 2012, house prices have soared by 147%, while wages have grown by less than 50%. The crisis is worsened by a shortage of 40,000 homes, exacerbated by restrictive zoning laws that limit new construction and keep supply far behind demand.

Home to tech giants like Amazon and Microsoft, Seattle’s rapid growth has come at a price. The influx of high-earning tech workers has driven up demand – and prices – in the housing market. In 2024, the typical home value rose by 2.3% to $772,900, pushing the income needed to buy to a steep $198,232.78.

A growing population and a persistent shortage of affordable housing have created a perfect storm, pricing out many, especially first-time buyers. According to Zillow, the average monthly mortgage payment in Seattle is now nearly $2,000 higher than it was before the pandemic.

New York City’s median home price has surged a staggering 10% since 2024. While square footage is scarce, a typical property will still set buyers back $725,300, requiring an annual salary of $202,150.01. Whether lured by dreams of Broadway or high-paying jobs on Wall Street, newcomers alike feel the brunt of the city’s deepening housing crisis.

Unsurprisingly, New York has one of the lowest homeownership rates in the country at just 47%, according to consumer advice site SmartAsset. The problem is clear: the widening gap between wages and housing costs is locking more and more New Yorkers out of the market.

New residents continue to flock to Los Angeles, the epicenter of the entertainment industry, thanks to its vibrant city life, beachfront suburbs, and strong economy. But homeownership comes at a premium. Buyers need an income of $218,483.06 to afford a median-priced home, which stands at $862,600, up more than 4.8% since 2024.

Housing demand far outweighs supply in Los Angeles, fueling an ongoing affordability crisis. According to the California Department of Housing and Community Development, the city needs to add 456,643 new housing units by 2029 to address the shortage. Soaring insurance premiums, heightened by worsening wildfires, only add to the burden, making homeownership increasingly inaccessible.

The coastal city of San Diego may be known for its laidback, surfer lifestyle, but its real estate market is anything but relaxed. As the metro area's population continues to grow, housing construction has lagged, resulting in home prices rising far faster than wages and deepening the city’s affordability challenges.

The median price for a home in the city is now more than $1 million, a jump of almost 5.7% in 12 months. Homeowners will need a total annual income of $257,189.78 to make ends meet, a figure that's out of reach for many locals.

San Francisco remains one of America's toughest housing markets, shaped by decades of underbuilding, strict zoning regulations, and limited development space. An annual income of $338,426.56 is now required to afford a median-priced home in the historic city, the price of which has climbed to over $1.3 million, up 1.5% from 2024.

A longtime hub for finance and tech, the metro area has attracted waves of high earners over the years, increasing competition for limited housing. This influx has pushed house prices to extreme levels and led to a dramatic housing shortage. As a result, lower- and middle-income earners are effectively excluded from the market.

Flanked by the rolling hills of Silicon Valley, San Jose is a mecca for the tech industry. Yet its economic success has made its housing market the most expensive in the nation, according to consumer advice site SmartAsset. Like San Francisco, the concentration of high earners has put immense pressure on the limited housing stock. Median house prices rose by almost 9.8% between 2024 and 2025 to more than $2 million, requiring a staggering salary of $501,760.14.

San Jose’s affordability crisis is worsened by restrictive zoning: 94% of residential land is reserved for single-family homes, with just 6% zoned for more affordable, multi-unit housing. Many are left relying on rentals, or even without housing altogether.

Loved this? Discover more surprising real estate news and stories