Owning a house is expensive, even if you just strip it down to the principal, interest, taxes, and insurance. So what kind of salary do you need to afford a median-priced home in Texas?
More than last year, it turns out. Mortgage tracking site HSH.com once again analyzed 27 major U.S. metros, including three major Texas metros, and found that Dallas, Houston, and San Antonio require a higher salary than they did just a year ago.
In Dallas, the annual income needed now to comfortably sign on the dotted line is $54,764.49, compared to last year's $48,786.53. With this salary and a mortgage rate of 3.76, homebuyers can afford a $232,200 home with an average monthly payment of $1,277.84.
The data puts Dallas at No. 14, sandwiched between Philadelphia and Baltimore. It has flip-flopped with No. 16 Houston, which last year was the most expensive Texas metro. Now $52,274.68 will buy a $217,400 house there with a monthly payment of $1,219.74.
No. 19 San Antonio saw a significant increase in its second quarter, with salaries alone jumping up $1,780. That brings the total to $48,752.98 in order to afford a $210,500 home.
The website also calculates what salary would be required if a 10 percent down payment were used instead of the more traditional 20 percent and the sum is, predictably, much larger. In Dallas, the amount is nearly 10 grand more: $62,663. In Houston, it's $59,664, and in San Antonio it's $55,888.
San Francisco is still the most expensive city overall, with the median home price having gone up from $742,900 to $885,600. If you want to buy there, you'd better be earning at least $161,947.60 — way, way higher than the national average of $52,699.17.