You Need To Earn This Much To Afford Miami Home

MIAMI, FL -- If you think the price of a home around Miami is expensive, it could be a lot worse, according to the results of a new study.

While home prices in the San Jose metropolitan have fallen, residents there need to make the highest salaries in the country to afford a home, according to a new study.

The study, released by the mortgage resource website HSH.com, used the latest available quarterly home-price information from the National Association of Realtors, and incorporates local property tax and homeowner’s insurance costs to calculate the income needed to qualify for a median-priced home.

According to the study, which used home-price data from the fourth quarter of 2018, the salary needed to buy a home in the Miami metropolitan area is $79,712.22.

The Pittsburgh area was the most affordable metropolitan area on the list. The study found that the difference in salary required between the two areas to afford a home was a whopping $217,000.

According to the study, median home prices in the fourth quarter of 2018 were lower compared to the third quarter of 2018. However, it noted that this was not uncommon and it doesn’t indicate that homes are becoming more affordable.

San Jose was also the only metropolitan area to see a year-over-year decline in median home prices. The median home prices in all 49 other metro areas ranked in the study stayed the same or increased. However, HSH.com says nationally, there appears to be evidence that the rate at which home prices are increasing has started to slow.

Here's the 10 areas where you need to make the most money to buy a home:

1. San Jose (Salary needed: $254,835.73)
2. San Francisco (Salary needed: $198,978.01)
3. San Diego (Salary needed: $131,640.79)
4. Los Angeles (Salary needed: $123,156.01)
5. Boston (Salary needed: $106,789.93)
6. New York City (Salary needed: $105,684.33)
7. Seattle (Salary needed: $105,367.89)
8. Washington D.C. (Salary needed: $94,408.70)
9. Denver (Salary needed: $91,672.45)
10. Portland (Salary needed: $85,173.08)

Here's the 10 areas where you can afford a home with the lowest salaries:

1. Pittsburgh (Salary needed: $37,659.86)
2. Cleveland (Salary needed: $40,437.72)
3. Oklahoma City (Salary needed: $41,335.41)
4. Memphis (Salary needed: $41,400.93)
5. Indianapolis (Salary needed: $42,288.92)
6. Louisville (Salary needed: $42,323.15)
7. Cincinnati (Salary needed: $43,429.97)
8. St Louis (Salary needed: $44,215.56)
9. Birmingham (Salary needed: $44,593.35)
10. Buffalo (Salary needed: $45,698.05)

You can read the full study from HSH.com here.