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Buying vs renting: what is more profitable in large US cities and how much you need to earn to become a homeowner

Depending on where you live, owning a home may seem like a distant dream or a very real thing. In New York, for example, to buy a house, a person must earn at least six figures, and in Cleveland, this can be done for as little as $45 a year, reports Visual capitalist.

Photo: IStock

The study data is for all urban areas and uses median house price data for the first quarter of 2022. The required wages were calculated by the source, taking into account the base value of principal, interest, property tax, and homeowner's insurance.

On the subject: Alaska Airlines has started a ticket sale for the fall: a one-way flight will cost $ 39, but you need to hurry with booking

Own housing in the USA

San Jose is by far the most expensive city when it comes to buying a home. A person must earn more than $330 a year to pay off a mortgage at a monthly rate of $000.

Top 10 Most Expensive Major Cities to Buy a Home:

San Jose

  • Average home price: $1
  • Annual salary needed to buy a house: $330

San Francisco

  • Average home price: $1
  • Annual salary needed to buy a house: $249

San Diego

  • Average housing price: $ 905 000
  • Annual salary needed to buy a house: $166

Los Angeles

  • Average housing price: $ 792 500
  • Annual salary needed to buy a house: $149

Seattle

  • Average home price: $746
  • Annual salary needed to buy a house: $140

Бостон

  • Average housing price: $ 639 000
  • Annual salary needed to buy a house: $130

New York

  • Average housing price: $ 578 100
  • Annual salary needed to buy a house: $129

Denver

  • Average housing price: $ 662 200
  • Annual salary needed to buy a house: $121

Austin

  • Average housing price: $ 540 700
  • Annual salary needed to buy a house: $114

Washington, DC

  • Average housing price: $ 553 000
  • Annual salary needed to buy a house: $110
Top 10 cheapest major cities to buy a house:

Indianapolis

  • Average housing price: $ 271 600
  • Annual salary needed to buy a house: $53

Memphis

  • Average housing price: $ 259 300
  • Annual salary needed to buy a house: $52

Cincinnati

  • Average housing price: $ 244 300
  • Annual salary needed to buy a house: $51

Buffalo

  • Average housing price: $ 202 300
  • Annual salary needed to buy a house: $51

Detroit

  • Average housing price: $ 224 300
  • Annual salary needed to buy a house: $50

St. Louis

  • Average housing price: $ 216 700
  • Annual salary needed to buy a house: $48

Louisville

  • Average housing price: $ 235 400
  • Annual salary needed to buy a house: $48

Cleveland

  • Average housing price: $ 192 700
  • Annual salary needed to buy a house: $45

Oklahoma City

  • Average housing price: $ 198 200
  • Annual salary needed to buy a house: $45

Pittsburgh

  • Average housing price: $ 185 700
  • Annual salary needed to buy a house: $42

Here are the numbers up close:

It may seem surprising, but Boston residents need slightly higher incomes than New Yorkers to buy a house. The same is true for Seattle and Los Angeles. Meanwhile, some of the cheapest cities to buy real estate are Oklahoma City and Cleveland.

As of April, the US home ownership rate is 65%. This number represents the proportion of homes that are owner occupied and not rented or vacant.

American dream home

At the time of this data (Q2022 4), the national annual fixed rate mortgage was 368% and the median home price was $200. Thus, the wage required to buy a home is nearly $76 and the median national income families are nearly $000 below that amount.

But what kind of houses do people want to buy? Depending on where you live, the type of house and the square footage you can get will be very different.

In New York City, for example, there are quite a few detached single-family homes in the traditional sense⁠—only about 4000 have ever been listed for sale. People in the Big Apple tend to buy condominiums or apartment buildings.

Also, if you're looking for luxury, even seven figures won't get you much in big cities. In Miami, a million dollars can only buy 78 square meters of luxury real estate.

One thing is for sure: the typical American dream home in the form of a large house with a yard and a white picket fence is more achievable in small urban areas with sprawling suburbs.

Buying versus renting

The median family income in the US is $67, which means that today the typical family can only afford a home in about 500 of the city's 15 boroughs, including New Orleans, Buffalo and Indianapolis.

You may be interested in: top New York news, stories of our immigrants, and helpful tips about life in the Big Apple - read it all on ForumDaily New York.

With the US income gap widening, the rental market remains a more attractive option for many, especially as prices are finally coming down. The national median rental price for two-bedroom apartments fell by almost 3% from June to July.

After all, buying a home can be an important investment and can provide a sense of security, but it will be much easier to do in certain types of cities.

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