Here’s how much it costs each month to own a home in the 15 largest US metros

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Homeowners in San Francisco pay more than $4,200 a month.
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Justin Sullivan / Getty Images

With home prices on the rise across the US – and incomes lagging far behind – the decision to become a homeowner is nothing short of a serious financial commitment.

While you’ll need to have money saved for a down payment, typically 20% of the purchase price, the biggest cost is recurring monthly payments. That is, your mortgage payment (principal and interest), plus taxes and homeowner’s insurance, all together known as PITI.

While some of these numbers can vary depending on the exact location of a home, mortgage resource HSH.com put together a list of the monthly costs of homeownership in the biggest metros in the US to give buyers an idea of the estimated costs across different markets.

To find the monthly cost of homeownership in these cities, HSH.com gathered data on:

    Median home prices from the National Association of Realtors’ second-quarter report to determine the monthly mortgage payment. The site assumed a 20% down payment and a 30-year fixed mortgage at an interest rate of 4.11%. Average property taxes from the Census Bureau’s 2015 American Community Survey. Statewide average homeowner insurance premium costs from the Insurance Information Institute.

HSH.com added these numbers together for each metro to arrive at the final monthly cost. It’s important to note that while these figures are a good starting point to gauge affordability of a home, it’s important to factor in easily forgotten and hidden costs as well, like maintenance, closing costs, utilities, and homeowner’s association fees.

Below, check out the cost of owning a home in the 15 largest US metros – ranked from least to most expensive – plus the annual salary you need to earn to qualify for a mortgage.


15. Detroit

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Andrey Bayda/shutterstock

Total monthly cost (PITI): $983

Median home price: $179,529

Salary needed to buy: $42,110


14. Atlanta

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Sean Pavone/Shutterstock

Total monthly cost (PITI): $1,024

Median home price: $204,900

Salary needed to buy: $43,893


13. Phoenix

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Dreamframer/Shutterstock

Total monthly cost (PITI): $1,135

Median home price: $247,300

Salary needed to buy: $48,655


12. Philadelphia

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Ed Yakovich / Wikimedia Commons

Total monthly cost (PITI): $1,323

Median home price: $239,100

Salary needed to buy: $56,702


11. Houston

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Sean Pavone/Shutterstock

Total monthly cost (PITI): $1,338

Median home price: $235,600

Salary needed to buy: $57,346


10. Dallas

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Shutterstock

Total monthly cost (PITI): $1,424

Median home price: $255,200

Salary needed to buy: $61,040


9. Chicago

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marchello74/Shutterstock

Total monthly cost (PITI): $1,509

Median home price: $264,300

Salary needed to buy: $64,681


8. Riverside/San Bernardino

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Shutterstock/Jon Bilous

Total monthly cost (PITI): $1,605

Median home price: $342,100

Salary needed to buy: $68,790


7. Miami

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travelview/Shutterstock

Total monthly cost (PITI): $1,672

Median home price: $335,000

Salary needed to buy: $71,644


6. Washington DC

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Orhan Cam/Shutterstock

Total monthly cost (PITI): $2,069

Median home price: $428,700

Salary needed to buy: $88,664


5. Seattle

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Asif Islam/Shutterstock

Total monthly cost (PITI): $2,190

Median home price: $475,400

Salary needed to buy: $93,853


4. Boston

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f11photo/Shutterstock

Total monthly cost (PITI): $2,299

Median home price: $464,900

Salary needed to buy: $98,519


3. New York

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Shoriful Chowdhury / Shutterstock.com

Total monthly cost (PITI): $2,313

Median home price: $414,000

Salary needed to buy: $99,137


2. Los Angeles

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View Apart/Shutterstock

Total monthly cost (PITI): $2,369

Median home price: $514,200

Salary needed to buy: $101,532


1. San Francisco

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kropic1/Shutterstock

Total monthly cost (PITI): $4,231

Median home price: $950,000

Salary needed to buy: $181,341