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This Is The Salary You Need To Be A Homeowner In These 20 U.S. Cities

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This Is The Salary You Need To Be A Homeowner In These 20 U.S. Cities

People tend to share the false notion that they have to make a substantial amount of money to be a homeowner. Nothing could be farther from the truth. An aspiring homeowner can do it quite cheaply without decreasing their standard of living. In this article, we looked at 20 U.S. cities and discovered the salary you need to be a homeowner.

Pittsburgh

    1. Pittsburgh

    Pittsburgh is famously known as “The Steel City” for its 300+ steel related businesses. On a lesser note, it is also referred to as “The City of Bridges” for its 446 bridges (yes, you read that right). Last year, it was ranked #15 as being the best city for millennials.

    • State: Pennsylvania
    • Estimated Population: 695,000
    • Median Home Price: $135,000
    • Monthly Mortgage Payment: $740.05
    • Salary Needed: $31,716

    Cleveland

      2. Cleveland

      Cleveland is known to some as the home of King James (Lebron James that is) and to others as “The Rock & Roll Capital of the World.” Out of the 50 largest U.S. cities, Cleveland is ranked as the sixteenth most walkable city.

      • State: Ohio
      • Estimated Population: 390,000
      • Median Home Price: $121,200
      • Monthly Mortgage Payment: $746.91
      • Salary Needed: $32,010

      StLouis

        3. St. Louis

        St. Louis is home to the world’s tallest arch, The Gateway Arch. It is Missouri’s tallest accessible building and has became a famous symbol of the city.

        • State: Missouri
        • Estimated Population: 320,000
        • Median Home Price: $138,400
        • Monthly Mortgage Payment: $777.54
        • Salary Needed: $33,323

        Cincinnati

          4. Cincinnati

          Historically, Cincinnati was the first major American city after the American Revolution and still is considered as the first purely American city. It is also known as “The Chili Capital of the World” because it has the most chili restaurants per capita.

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          • State: Ohio
          • Estimated Population: 300,000
          • Median Home Price: $138,100
          • Monthly Mortgage Payment: $781.32
          • Salary Needed: $33,485

          Detroit

            5. Detroit

            Unfortunately, when most people think of Detroit, they tend to see its negatives as the overall consensus. Some people view Detroit as a disaster while others are taking advantage of the opportunities from the results of the disaster. It is the only big city, where you can buy a house in a neighborhood that is close to downtown for under $100,000.

            The city has been incentivizing people to move under their Live Downtown and Live Midtown programs, which offers rent allowances or forgivable home loans to participants who work for one of their sponsoring employers.

            • State: Michigan
            • Estimated Population: 690,000
            • Median Home Price: $135,800
            • Monthly Mortgage Payment: $828.83
            • Salary Needed: $35,521

            atl

              6. Atlanta

              Did you know that Atlanta is considered a world class city? It is ranked #45 among cities around the world and ranked #8 among cities in the nation. The city has appeared on the Forbes magazine list as one of the best cities for business and careers.

              • State: Georgia
              • Estimated Population: 450,000
              • Median Home Price: $157,000
              • Monthly Mortgage Payment: $835.34
              • Salary Needed: $35,800

              tampa

                7. Tampa

                Interestingly, Tampa is ranked as the 5th most popular city to live, according to a Pew Research study. It is also recognized as a Gamma+ world city by Loughborough University. (A gamma city is a city that links a smaller region or state to the global economy.)

                • State: Florida
                • Estimated Population: 350,000
                • Median Home Price: $160,000
                • Monthly Mortgage Payment: $880.42
                • Salary Needed: $37,732

                phoenix

                  8. Phoenix

                  Do you hate Daylight Savings Time? If so, you’re in luck because Phoenix does not observe it. It is also a city that offers countless cuisines, including (but not limited to) Mexican, Korean, Creole, Greek, Hawaiian, Thai, Italian, Indian, Brazilian, and French.

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                  • State: Arizona
                  • Estimated Population: 1,450,000
                  • Median Home Price: $200,300
                  • Monthly Mortgage Payment: $948.69
                  • Salary Needed: $40,658

                  Orlando

                    9. Orlando

                    Orlando (or The Theme Park Capital of the World) attracts more than 57 million tourists a year, including 4+ million international tourists. According to the Pew research study mentioned earlier, Orlando is the fourth most popular city to live.

                    • State: Florida
                    • Estimated Population: 255,000
                    • Median Home Price: $180,000
                    • Monthly Mortgage Payment: $983.34
                    • Salary Needed: $42,143

                    san antonio

                      10. San Antonio

                      Within the last 5 years, San Antonio has been in the nation’s top 10 as one of the fastest growing cities. Forbes magazine ranks the city for having the 9th best job market and as one of the best cities for business and careers.

                      • State: Texas
                      • Estimated Population: 1,410,000
                      • Median Home Price: $185,500
                      • Monthly Mortgage Payment: $1,058.73
                      • Salary Needed: $45,374

                      Dallas

                        11. Dallas

                        Like San Antonio, Dallas has also been in the nation’s top 10 as one of the fastest growing cities. It has the fourteenth largest GDP in the world, according to the OECD. Contrary to popular belief about Texan culture, Dallas has the 6th largest LGBT population in the nation.

                        • State: Texas
                        • Estimated Population: 1,200,000
                        • Median Home Price: $189,600
                        • Monthly Mortgage Payment: $1,138.35
                        • Salary Needed: $48,786

                        houston

                          12. Houston

                          Houston is the largest city in the Southern U.S. and considered by The Huffington Post to be the most diverse city in the nation. Within the last 5 years, it has appeared on multiple Forbes lists for being the best city for shopping, buying a home, and for college graduates.

                          • State: Texas
                          • Estimated Population: 2,200,000
                          • Median Home Price: $199,300
                          • Monthly Mortgage Payment: $1,166.28
                          • Salary Needed: $49,983

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                          Philadelphia

                            13. Philadelphia

                            Did you know that the city of brotherly love has the most outdoor sculptures and murals than any other U.S. city? Rightly so, Philadelphia has a rich history that is commonly expressed through the arts, making it the city with the most public art.

                            If you are hungry for more than art, then you’re in luck. Philadelphia is known for the “hoagie” and the Philly cheesesteak.

                            • State: Pennsylvania
                            • Estimated Population: 1,560,000
                            • Median Home Price: $213,300
                            • Monthly Mortgage Payment: $1,187.99
                            • Salary Needed: $50,914

                            TE HARBOR FOX

                              14. Baltimore

                              Like Philadelphia, Baltimore is also a historic city. It was the home of Edgar Allan Poe and Frederick Douglass. Francis Scott Key also wrote our national anthem there. The city has 280 properties that are registered as historic in the National Register of Historic Places.

                              • State: Maryland
                              • Estimated Population: 620,000
                              • Median Home Price: $233,200
                              • Monthly Mortgage Payment: $1,228.78
                              • Salary Needed: $52,661

                              chicago

                                15. Chicago

                                Chicago is the largest city in the Midwestern U.S. and commonly referred to as “The Windy City.” It is also a major world convention destination. The McCormick Place is the largest convention center in the nation and the 3rd largest in the world.

                                • State: Illinois
                                • Estimated Population: 420,000
                                • Median Home Price: $195,100
                                • Monthly Mortgage Payment: $1,268.09
                                • Salary Needed: $54,346

                                Miami

                                  16. Miami

                                  Miami is the 2nd largest city with a Spanish-speaking majority and sometimes nicknamed as “The Capital of Latin America.” There is one thing that Miami and most major Latin American cities have in common: the absence of winter.

                                  • State: Florida
                                  • Estimated Population:
                                  • Median Home Price: $265,000
                                  • Monthly Mortgage Payment: $1,363.40
                                  • Salary Needed: $58,431

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                                  Portland

                                    17. Portland

                                    Did you know that Portland is home to the most microbreweries in the world? The city is often compared to Austin because they have quite a bit in common (except the cost of living).

                                    For more than a century, Portland has been known as “The City of Roses”, due to their abundant amount of rose gardens (including the popular International Rose Test Garden).

                                    • State: Oregon
                                    • Estimated Population: 610,000
                                    • Median Home Price: $288,900
                                    • Monthly Mortgage Payment: $1,414.08
                                    • Salary Needed: $60,603

                                    Denver

                                      18. Denver

                                      The Mile-High city is exactly one mile above sea level, making it the one of the highest major cities in the United States. Forbes magazine ranks the city as one of the best cities for business and careers.

                                      • State: Colorado
                                      • Estimated Population: 665,000
                                      • Median Home Price: $314,800
                                      • Monthly Mortgage Payment: $1,438.32
                                      • Salary Needed: $61,642

                                      Seattle

                                        19. Seattle

                                        Seattle is the largest city in the Pacific Northwest and arguably the coffee capital of the West Coast. Currently, it is the only city that has passed a law to gradually increase the minimum wage, reaching $15/hr in 2 years for big businesses and 6 years for small businesses.

                                        • State: Washington
                                        • Estimated Population: 650,000
                                        • Median Home Price: $352,000
                                        • Monthly Mortgage Payment: $1,699.70
                                        • Salary Needed: $72,844

                                        Boston

                                          20. Boston

                                          Boston is the largest city in New England and one of the oldest cities in the country. The compact nature of the city makes it very walkable and is known for having the highest concentration of pedestrian commuters. The city is also famous for its native accent.

                                          • State: Massachusetts
                                          • Estimated Population: 650,000
                                          • Median Home Price: $383,200
                                          • Monthly Mortgage Payment: $1,867.83
                                          • Salary Needed: $80,049

                                          Featured photo credit: Ryan McGuire via gratisography.com

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                                          Last Updated on January 5, 2022

                                          33 Painless Ways to Save Money Now

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                                          33 Painless Ways to Save Money Now

                                          In a difficult economy, most of us are looking for ways to put more money in our pockets, but we don’t want to feel like misers. We don’t want to drastically alter our lifestyles either. We want it fast and we want it easy. Small savings can add up and big savings can feel like winning the lottery, just without all of the taxes.

                                          Some easy ways to save money:

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                                          1. Online rebate sites. Many online sites offer cash back rebates and online coupons as well. MrRebates and Ebates are two I like, but there are many others.
                                          2. Sign up for customer rewards. Many of your favorite stores offer customer rewards on products you already buy. Take advantage.
                                          3. Switch to compact fluorescent bulbs. The extra cost up front is worth the energy savings later on.
                                          4. Turn off power strips and electronic devices when not in use.
                                          5. Buy a programmable thermostat. Set it to lower the heat or raise the AC when you’re not home.
                                          6. Make coffee at home. Those lattes and caramel macchiatos add up to quite a bit of dough over the year.
                                          7. Switch banks. Shop around for better interest rates, lower fees and better customer perks. Don’t forget to look for free online banking and ease of depositing and withdrawing money.
                                          8. Clip coupons: Saving a couple dollars here and there can start to add up. As long as you’re going to buy the products anyway, why not save money?
                                          9. Pack your lunch. Bring your lunch to work with you a few days a week, rather than buy it.
                                          10. Eat at home. We’re busier than ever, but cooking meals at home is healthier and much cheaper than take-out or going out. Plus, with all of the freezer and pre-made options, it’s almost as fast as drive-thru.
                                          11. Have leftovers night. Save your leftovers from a few meals and have a “leftover dinner.” It’s a free meal!
                                          12. Buy store brands: Many generic or store brands are actually just as good as name brands and considerably cheaper.
                                          13. Ditch bottled water. Drink tap water if it’s good quality, buy a filter if it’s not. Get 
                                              a reusable water bottle and refill it.
                                            • Avoid vending machines: The items are usually over-priced.
                                            • Take in a matinee. Afternoon movie showings are cheaper than evening times.
                                            • Re-examine your cable bill. Cancel extra cable or satellite channels you don’t watch. Watch the “on demand” movie purchases too.
                                            • Use online bill pay. Most banks offer free online bill paying. Save on stamps and checks, and avoid late fees by automating bill payment.
                                            • Buy frequently used items in bulk. You get a lower per item price and eliminate extra trips to the store later on.
                                            • Fully utilize the library. Borrowing books is much cheaper than buying them, but in addition to books, most local libraries now lend movies and games.
                                            • Cancel magazine/newspaper subscriptions: Re-evaluate your subscriptions. Cancel those you don’t read and consider reading some of the other publications online.
                                            • Get rid of your land-line. Do you really need a land-line anymore if everyone in the family has a cell phone? Alternatively, look into using VOIP or getting a cheaper plan.
                                            • Better fuel efficiency. Check the air pressure in your tires, keep up with proper auto maintenance, and slow down. Driving even 5MPH slower will result in better fuel mileage.
                                            • Increase your deductibles. Increasing the insurance deductibles on your homeowners and auto insurance policies lowers premiums significantly. Just make sure you choose a deductible that you can afford should an emergency happen.
                                            • Choose lunch over dinner. If you do want to dine out occasionally, go at lunchtime rather than dinnertime. Lunch prices are usually cheaper.
                                            • Buy used:  Whether it’s something small like a vintage dress or a video game or something big like a car or furniture, consider buying it used. You can often get “nearly new” for a fraction of the cost.
                                            • Stick to the list. Make a list before you go shopping and don’t buy anything that’s not on the list unless it’s a once in a lifetime, killer deal.
                                            • Tame the impulse. Use a self-enforced waiting period whenever you’re tempted to make an unplanned purchase. Wait for a week and see if you still want the item.
                                            • Don’t be afraid to ask. Ask to have fees waived, ask for a discount, ask for a lower interest rate on your credit card.
                                            • Repair rather than replace. You can find directions on how to fix almost anything on the internet. Do your homework, and then bring out your inner handyman.
                                            • Trade with your neighbors. Borrow tools or equipment that you use infrequently and swap things like babysitting with your neighbors.
                                            • Swap online. Use sites like PaperBack Swap to trade books, music, and movies with others online. Also, look for local community sites like Freecycle where people give away items they no longer need.
                                            • Cut back on the meat. Try eating a one or two meatless meals every week or cut back on the meat portions. Meat is usually the most expensive part of the meal.
                                            • Comparison shop: Get in the habit of checking prices before you buy. See if you can get a better price at another store or look online.

                                            Remember that saving money is not about being cheap or stingy; it’s about putting money into your bank account rather than giving it to someone else. There are many ways to save money, some you’ve never thought of, and some that won’t appeal or apply to you. Just pick a few of the ideas that sound doable and watch the savings add up. Save big, save small, but save wherever you can.

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                                            Featured photo credit: Damir Spanic via unsplash.com

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