Full rankings: How Much House Can I Afford in the Top 100 Metros?

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Full Rankings: How Much House Can I Afford in the Top 100 Metros

NerdWallet evaluated how much house a typical family in each of the nation’s top 100 metro areas can afford.

By using data on debt, median income, housing costs and home prices, we were able to recommend how much families could spend while remaining within healthy budget parameters.

Go to the table below to see the data on the 100 most-populated metropolitan areas in the U.S. To read additional details about the top 10 metro areas by population, click here.

Methodology

All recommended home prices are from NerdWallet’s home affordability calculations. The recommended total home value was estimated as the sum of the down payment and the maximum conventional loan with mortgage insurance. The home price was then divided by Zillow’s 2014 average of price per square foot to calculate estimated size.

Calculating down payment We used 2013 median income for married couple families in each metro area from the U.S. Census Bureau and adjusted the numbers using the 2015 BLS employment cost index.

Incomes were then adjusted to include federal income tax, and the post-tax figure was multiplied by the 10-year U.S. personal savings rate of 4.8% to calculate yearly savings. We assumed the saving period to buy a house is 10 years.

Closing costs, estimated to be about 3% of the median home value, were deducted from the savings to calculate the final down payment. Many homebuyers report receiving a gift from family to help in their down payment, so our calculations may be slightly lower than the actual average.

Calculating home loan value We assumed all loans are conventional 30-year fixed mortgages with interest rates based on 2013-2015 state averages from Zillow. Debt-to-income ratio was set at 36%, which is the standard maximum amount used in most home affordability calculators.

Revolving debt was calculated using national credit card debt statistics from NerdWallet and auto loan data from Lending Club.

Median real estate tax is calculated by metro area from 2013 census data, and homeowners insurance is by state from Zillow.

Top 100 metro areas housing affordability data

The “Metro area affordability rank” column is based on a ranking of 1-100, which means the higher the number, the less affordable it is to buy a house in that city.

Metro area Population Estimated 2015 family income Average mortgage rate Annual property tax Suggested monthly mortgage Suggested home price Zillow’s 2014 price per square foot Total affordable square feet Metro area affordability rank
New York-Newark-Jersey City 19,949,502 $104,685 3.79% 1.75% $1,535 $314,177 $253 1,243 92
Los Angeles-Long Beach-Anaheim 13,131,431 $85,210 3.72% 0.84% $1,262 $256,736 $339 757 99
Chicago-Naperville-Elgin 9,537,040 $93,163 3.73% 2.12% $1,407 $293,626 $130 2,250 59
Dallas-Fort Worth-Arlington 6,812,373 $88,252 3.69% 2.25% $1,314 $277,205 $101 2,748 28
Houston-The Woodlands-Sugar Land 6,313,158 $87,709 3.69% 2.35% $1,299 $274,540 $102 2,693 34
Philadelphia-Camden-Wilmington 6,034,678 $102,002 3.72% 1.57% $1,788 $366,891 $129 2,837 24
Washington-Arlington-Alexandria 5,950,214 $130,388 3.83% 1.00% $2,564 $511,656 $203 2,517 40
Miami-Fort Lauderdale-West Palm Beach 5,828,191 $71,749 3.79% 1.35% $858 $183,136 $161 1,141 94
Atlanta-Sandy Springs-Roswell 5,524,693 $84,896 3.77% 1.10% $1,389 $287,607 $95 3,032 14
Boston-Cambridge-Newton 4,684,299 $114,017 3.73% 1.22% $1,978 $402,276 $224 1,794 77
San Francisco-Oakland-Hayward 4,516,276 $120,013 3.72% 0.87% $2,199 $438,646 $402 1,091 95
Phoenix-Mesa-Scottsdale 4,398,762 $77,134 3.72% 0.83% $1,231 $255,947 $124 2,071 66
Riverside-San Bernardino-Ontario 4,380,878 $74,318 3.72% 1.09% $1,033 $216,411 $164 1,321 89
Detroit-Warren-Dearborn 4,294,983 $85,835 3.71% 2.03% $1,423 $297,141 $98 3,024 15
Seattle-Tacoma-Bellevue 3,610,105 $100,425 3.71% 1.07% $1,771 $361,426 $177 2,039 68
Minneapolis-St. Paul-Bloomington 3,459,146 $99,845 3.73% 1.24% $1,827 $373,880 $161 2,316 58
San Diego-Carlsbad 3,211,252 $89,030 3.72% 0.85% $1,400 $285,000 $292 975 97
Tampa-St. Petersburg-Clearwater 2,870,569 $72,707 3.79% 1.13% $963 $204,503 $102 2,008 71
St. Louis 2,799,609 $85,889 3.71% 1.33% $1,484 $307,531 $105 2,928 19
Baltimore-Columbia-Towson 2,770,738 $106,968 3.77% 1.01% $1,982 $401,730 $165 2,437 49
Denver-Aurora-Lakewood 2,697,476 $95,134 3.70% 0.72% $1,708 $349,661 $183 1,906 75
Pittsburgh 2,360,867 $84,236 3.72% 1.75% $1,380 $287,981 $101 2,852 22
Charlotte-Concord-Gastonia 2,335,358 $81,216 3.75% 0.95% $1,355 $280,232 $98 2,855 21
Portland-Vancouver-Hillsboro 2,315,089 $86,024 3.73% 1.10% $1,450 $297,325 $168 1,765 81
San Antonio-New Braunfels 2,277,516 $77,372 3.69% 2.10% $1,031 $220,849 $103 2,136 62
Orlando-Kissimmee-Sanford 2,267,846 $69,193 3.79% 1.18% $843 $180,433 $104 1,729 82
Sacramento–Roseville–Arden-Arcade 2,215,770 $84,846 3.72% 1.01% $1,335 $275,465 $183 1,509 84
Cincinnati 2,134,109 $84,998 3.71% 1.42% $1,469 $304,307 $91 3,330 7
Cleveland-Elyria 2,064,725 $85,306 3.71% 1.89% $1,436 $298,800 $85 3,504 4
Kansas City 2,052,048 $86,875 3.71% 1.33% $1,514 $313,296 $99 3,156 10
Las Vegas-Henderson-Paradise 2,027,868 $70,813 3.75% 1.04% $1,012 $212,667 $109 1,957 73
Columbus 1,967,066 $86,205 3.71% 1.74% $1,457 $302,522 $96 3,140 11
Indianapolis-Carmel-Anderson 1,953,613 $81,523 3.74% 0.98% $1,425 $294,318 $56 5,302 1
San Jose-Sunnyvale-Santa Clara 1,919,641 $126,037 3.72% 0.91% $2,320 $461,205 $452 1,020 96
Austin-Round Rock 1,883,051 $94,926 3.69% 2.14% $1,464 $305,968 $131 2,341 56
Nashville-Davidson–Murfreesboro–Franklin 1,757,424 $79,716 3.77% 0.79% $1,349 $277,756 $111 2,508 43
Virginia Beach-Norfolk-Newport News 1,706,816 $88,410 3.76% 0.87% $1,545 $315,995 $129 2,444 48
Providence-Warwick 1,604,291 $91,906 3.77% 1.37% $1,518 $311,451 $174 1,789 78
Milwaukee-Waukesha-West Allis 1,569,659 $89,148 3.71% 2.00% $1,465 $304,133 $110 2,775 27
Jacksonville 1,394,624 $80,602 3.79% 1.06% $1,202 $251,143 $102 2,462 46
Memphis 1,343,850 $81,243 3.77% 1.17% $1,372 $283,998 $78 3,663 2
Oklahoma City 1,319,677 $77,352 3.73% 1.02% $1,107 $234,097 $95 2,476 45
Louisville/Jefferson County 1,262,928 $82,005 3.72% 0.93% $1,461 $301,522 $103 2,941 18
Richmond 1,248,513 $92,777 3.76% 0.82% $1,699 $346,700 $117 2,973 17
New Orleans-Metairie 1,240,977 $80,869 3.71% 0.64% $1,213 $254,613 $105 2,415 51
Hartford-West Hartford-East Hartford 1,215,211 $107,305 3.72% 1.90% $1,874 $384,606 $146 2,639 35
Raleigh 1,214,516 $93,928 3.75% 0.86% $1,721 $351,588 $111 3,163 9
Salt Lake City 1,140,483 $82,750 3.79% 0.73% $1,527 $309,752 $162 1,918 74
Birmingham-Hoover 1,140,300 $77,352 3.73% 0.52% $1,298 $269,247 $96 2,812 25
Buffalo-Cheektowaga-Niagara Falls 1,134,115 $82,639 3.79% 2.80% $1,172 $247,421 $96 2,582 36
Rochester 1,083,278 $82,996 3.79% 2.98% $1,152 $243,462 $89 2,724 29
Grand Rapids-Wyoming 1,016,603 $76,097 3.71% 1.61% $1,175 $246,715 $91 2,724 30
Tucson 996,554 $71,862 3.72% 1.03% $1,048 $220,605 $110 2,011 70
Urban Honolulu 983,429 $98,278 3.74% 0.30% $1,792 $355,429 $458 776 98
Tulsa 961,321 $73,396 3.73% 1.01% $989 $210,961 $87 2,416 50
Fresno 955,272 $67,346 3.72% 0.94% $885 $187,644 $128 1,464 85
Bridgeport-Stamford-Norwalk 939,904 $131,923 3.72% 1.56% $2,445 $494,115 $245 2,014 69
Worcester 926,710 $96,248 3.73% 1.36% $1,527 $315,963 $151 2,088 65
Albuquerque 901,932 $76,523 3.70% 0.92% $1,180 $246,772 $103 2,385 53
Omaha-Council Bluffs 895,999 $86,412 3.77% 1.99% $1,454 $300,614 $104 2,884 20
Albany-Schenectady-Troy 877,905 $96,471 3.79% 2.05% $1,534 $317,032 $133 2,380 54
Bakersfield 864,124 $72,359 3.72% 1.17% $1,027 $216,759 $122 1,780 79
New Haven-Milford 862,287 $102,014 3.72% 2.02% $1,681 $346,967 $148 2,339 57
Knoxville 852,147 $68,397 3.77% 0.66% $1,039 $216,679 $103 2,094 64
Greenville-Anderson-Mauldin 850,965 $71,288 3.75% 0.63% $1,047 $219,947 $90 2,450 47
Oxnard-Thousand Oaks-Ventura 839,620 $105,622 3.72% 0.84% $1,872 $377,639 $296 1,274 90
El Paso 831,935 $56,660 3.69% 2.23% $436 $102,383 $87 1,177 93
Allentown-Bethlehem-Easton 827,048 $85,117 3.72% 1.75% $1,292 $269,902 $113 2,394 52
Baton Rouge 820,159 $89,174 3.71% 0.54% $1,487 $309,078 $109 2,842 23
McAllen-Edinburg-Mission 815,996 $47,545 3.69% 2.33% $202 $56,067 $81 692 100
Dayton 802,489 $77,732 3.71% 1.82% $1,246 $260,906 $74 3,511 3
Columbia 793,360 $78,144 3.75% 0.65% $1,252 $260,824 $84 3,096 13
Greensboro-High Point 741,065 $71,107 3.75% 0.98% $1,068 $223,687 $89 2,500 44
North Port-Sarasota-Bradenton 732,535 $70,933 3.79% 1.08% $896 $190,492 $142 1,339 88
Little Rock-North Little Rock-Conway 723,743 $74,417 3.72% 0.70% $1,113 $234,257 $91 2,570 37
Charleston-North Charleston 712,220 $85,322 3.75% 0.58% $1,451 $299,057 $142 2,106 63
Akron 705,686 $82,994 3.71% 1.67% $1,399 $291,020 $83 3,497 5
Stockton-Lodi 704,379 $72,839 3.72% 1.16% $999 $210,249 $151 1,393 86
Colorado Springs 678,319 $84,276 3.70% 0.54% $1,436 $296,521 $116 2,548 39
Syracuse 661,934 $83,982 3.79% 2.75% $1,214 $255,657 $94 2,713 32
Cape Coral-Fort Myers 661,115 $67,644 3.79% 1.22% $803 $172,346 $127 1,357 87
Winston-Salem 650,820 $69,819 3.75% 0.89% $1,039 $217,869 $87 2,512 41
Boise City 649,321 $70,180 3.73% 0.82% $1,078 $225,009 $104 2,158 61
Wichita 637,989 $77,824 3.74% 1.35% $1,312 $272,541 $87 3,138 12
Madison 627,431 $94,013 3.71% 1.95% $1,589 $327,927 $138 2,379 55
Springfield 626,915 $88,222 3.73% 1.45% $1,313 $274,285 $140 1,964 72
Lakeland-Winter Haven 623,009 $59,644 3.79% 1.06% $609 $134,862 $88 1,531 83
Ogden-Clearfield 621,853 $80,152 3.79% 0.72% $1,468 $298,661 $136 2,202 60
Toledo 608,145 $76,865 3.71% 1.82% $1,226 $257,171 $78 3,295 8
Deltona-Daytona Beach-Ormond Beach 600,756 $59,125 3.79% 1.10% $565 $125,754 $100 1,261 91
Des Moines-West Des Moines 599,789 $90,831 3.74% 1.68% $1,596 $328,928 $122 2,700 33
Augusta-Richmond County 581,551 $75,622 3.77% 0.84% $1,172 $244,923 $82 2,973 16
Jackson 578,361 $75,439 3.71% 0.75% $1,178 $247,413 $97 2,559 38
Provo-Orem 562,338 $74,639 3.79% 0.61% $1,310 $266,506 $130 2,055 67
Scranton–Wilkes-Barre–Hazleton 562,037 $71,506 3.72% 1.46% $1,028 $217,267 $86 2,512 42
Harrisburg-Carlisle 557,711 $85,601 3.72% 1.40% $1,419 $294,572 $106 2,788 26
Youngstown-Warren-Boardman 555,506 $66,698 3.71% 1.52% $975 $206,727 $59 3,497 6
Palm Bay-Melbourne-Titusville 550,823 $69,232 3.79% 1.05% $876 $187,057 $99 1,891 76
Chattanooga 540,387 $73,732 3.77% 0.83% $1,184 $245,812 $90 2,722 31
Spokane-Spokane Valley 535,189 $72,251 3.71% 1.09% $1,044 $219,467 $124 1,774 80

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