Bucks for Buildings

This is the salary you need to buy a house in San Antonio right now

This is the salary you need to buy a house in San Antonio right now

311 Ogden Ext home for sale San Antonio
San Antonio is more affordable than other Texas metros. Photo courtesy of RE/MAX Integrity

Mortgage resource HSH.com has crunched the numbers to find the yearly salary needed to afford the principal, interest, taxes, and insurance payments on a median-priced home in San Antonio, and it squeaks in among the least expensive in the nation.

The country's 50 most populous metropolitan areas were analyzed, and San Antonio shows up at No. 24 on the 25 least expensive list. You need to earn at least $53,829.14 to afford a $222,600 home. For a 10 percent down payment, you need a salary of $60,985.08. 

Nationally, workers have to earn $56,159.89 to afford a home that'll cost them $255,600.

How did HSH.com arrive at the numbers? It used 2017 second-quarter data for median home prices from the National Association of Realtors, national mortgage rates derived from weekly surveys by Freddie Mac and the Mortgage Bankers Association of America (for 30-year fixed rate mortgages), and available property tax and homeowners insurance costs. It also used the standard 28 percent "front-end" debt ratios and a 20 percent down payment subtracted from the NAR’s median-home-price data to determine its figures.

Texas makes a three-city showing on the 25 most expensive list. Austin is No. 13 overall and the priciest in Texas, with residents having to bring in $69,952.75 a year in order to afford a $308,000 median-priced home. No. 18 Dallas and No. 22 Houston join Austin among the most expensive metros, with workers requiring $61,039.97 and $57,346.12, respectively, in order to net a home. 

Though Alamo City is cheaper, its home prices are rising faster than any other city in Texas, at almost 10 percent between the first and second quarters of 2017. A 10 percent jump in home prices can also be felt nationwide, 

California residents are surely feeling the pressure, with San Jose taking the title of most expensive and San Francisco, San Diego, and Los Angeles helping to fill out the top five. In San Jose, the required salary is nearly five times the national — $221,363.63 — because a home usually costs around $1.18 million.

But it's Pittsburgh that'll let you earn the least: $35,329.29. Though if you're looking to buy there, you may want to do it soon — right now the median home price is $145,000, but that's already up nearly 21 percent from the first quarter of 2017.