©iStock.com Want to own a home in one of America’s wealthiest towns? Your annual income needs to be at least $136,000, at a bare minimum, to afford it in these pricey locations.
Find Out: How Far a $100,000 Salary Goes in America’s 50 Largest Cities
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To determine the salary to buy a home in America’s 50 wealthiest towns, GOBankingRates isolated all cities with a total population between 5,000 and 100,000 — so not major cities — and found the 50 places with the largest average household income and a typical 2024 home value. After selecting these 50 places, we determined the minimum salary needed to afford a home. Assuming no more than 30% of pre-tax income is spent on housing, a 30-year fixed rate at 6.35% was used for mortgage calculations. This does not include P&I, HOA fees or property taxes.
Key Findings Palm Beach, Florida topped GOBankingRates’ ranking, requiring a salary of $2,308,328 for homeownership eligibility. It is the only city in the ranking where buyers must earn a salary of $2 million to buy a home. Individuals must earn at least $1 million annually to buy homes in four California cities. These include Atherton ($1.4M), Los Altos Hills ($1.1M), Montecito ($1M) and Hillsborough ($1M). To buy a home in three exclusive Texas towns — Highland Park, University Park and Southlake — Americans need to earn a starting salary of at least $246,230 annually. From the highest to lowest salary, here’s how much you’d need to earn to buy a home in America’s 50 wealthiest towns .
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1. Palm Beach, Florida Total population: 9,205 Average household income: $365,991 2024 typical home value: $11,592,915 Salary needed to afford a house: $2,308,328 20% down payment: $2,318,583 Loan total: $9,274,332 Monthly mortgage: $57,708 Annual mortgage: $692,498 Check Out: A $150K Income Is ‘Lower Middle Class’ In These High-Cost Cities
Explore More: Net Worth Floridians: How Much to Be Poor, Middle-Class, or Rich in Florida
Money mistakes the super wealthy never make - that you might be doing now.
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2. Atherton, California Total population: 7,124 Average household income: $594,651 2024 typical home value: $7,424,850 Salary needed to afford a house: $1,478,402 20% down payment: $1,484,970 Loan total: $5,939,880 Monthly mortgage: $36,960 Annual mortgage: $443,521 Discover More: 25 Safest and Cheapest Cities To Live in the South
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3. Los Altos Hills, California Total population: 8,441 Average household income: $460,098 2024 typical home value: $5,631,372 Salary needed to afford a house: $1,121,293 20% down payment: $1,126,274 Loan total: $4,505,098 Monthly mortgage: $28,032 Annual mortgage: $336,388 Chloe Harris / Getty Images/iStockphoto 4. Montecito, California
Total population: 8,529 Average household income: $327,332 2024 typical home value: $5,423,239 Salary needed to afford a house: $1,079,851 20% down payment: $1,084,648 Loan total: $4,338,591 Monthly mortgage: $26,996 Annual mortgage: $323,955 ©Shutterstock.com 5. Hillsborough, California Total population: 11,258 Average household income: $539,950 2024 typical home value: $5,099,160 Salary needed to afford a house: $1,015,321
20% down payment: $1,019,832 Loan total: $4,079,328 Monthly mortgage: $25,383 Annual mortgage: $304,596 NNehring / Getty Images/iStockphoto 6. Los Altos, California Total population: 31,133 Average household income: $400,817 2024 typical home value: $4,275,528 Salary needed to afford a house: $851,324 20% down payment: $855,106 Loan total: $3,420,422 Monthly mortgage: $21,283 Annual mortgage: $255,397 Read Next: I’m A Self-Made Millionaire: 6 Steps I Took To Become Rich On an Average Salary
©iStock.com 7. Saratoga, California Total population: 30,771 Average household income: $329,142 2024 typical home value: $3,872,662 Salary needed to afford a house: $771,107 20% down payment: $774,532 Loan total: $3,098,130 Monthly mortgage: $19,278 Annual mortgage: $231,332 Joshua Rainey Photography / Shutterstock.com 8. Woodside, California Total population: 5,256 Average household income: $445,543 2024 typical home value: $3,654,875 Salary needed to afford a house: $727,742 20% down payment: $730,975 Loan total: $2,923,900 Monthly mortgage: $18,194 Annual mortgage: $218,323 DenisTangneyJr / Getty Images/iStockphoto 9. Paradise Valley, Arizona Total population: 12,672 Average household income: $385,643 2024 typical home value: $3,432,011 Salary needed to afford a house: $683,366 20% down payment: $686,402 Loan total: $2,745,609 Monthly mortgage: $17,084 Annual mortgage: $205,010 cdrin / Shutterstock.com 10. Tiburon, California Total population: 9,115 Average household income: $312,322 2024 typical home value: $3,322,554 Salary needed to afford a house: $661,572 20% down payment: $664,511 Loan total: $2,658,043 Monthly mortgage: $16,539 Annual mortgage: $198,472 Learn More: Housing Market 2024: Zillow Predicts 5 Hottest Home Trends That Homebuyers Will Be Looking For
©Shutterstock.com 11. Cherry Hills Village, Colorado Total population: 6,405 Average household income: $486,405 2024 typical home value: $3,089,194 Salary needed to afford a house: $615,106 20% down payment: $617,839 Loan total: $2,471,355 Monthly mortgage: $15,378 Annual mortgage: $184,532 Ansem27 / Wikimedia Commons 12. Highland Park, Texas Total population: 8,840 Average household income: $469,267 2024 typical home value: $2,933,032 Salary needed to afford a house: $584,012 20% down payment: $586,606 Loan total: $2,346,426 Monthly mortgage: $14,600 Annual mortgage: $175,204 joebelanger / Getty Images/iStockphoto 13. Palos Verdes Estates, California Total population: 13,219 Average household income: $342,463 2024 typical home value: $2,843,079 Salary needed to afford a house: $566,101
20% down payment: $568,616 Loan total: $2,274,463 Monthly mortgage: $14,153 Annual mortgage: $169,830 JasonDoiy / iStock.com 14. Menlo Park, California Total population: 33,324 Average household income: $316,584 2024 typical home value: $2,750,198 Salary needed to afford a house: $547,607 20% down payment: $550,040 Loan total: $2,200,158 Monthly mortgage: $13,690 Annual mortgage: $164,282 Find Out: These 5 Cities Are Becoming Popular With Baby Boomers: Should You Consider Them for Your Retirement Years?
benedek / Getty Images/iStockphoto 15. Kentfield, California Total population: 7,410 Average household income: $338,463 2024 typical home value: $2,711,658 Salary needed to afford a house: $539,933 20% down payment: $542,332 Loan total: $2,169,326 Monthly mortgage: $13,498 Annual mortgage: $161,980 Andrei Stanescu / Getty Images 16. Los Gatos, California Total population: 33,093 Average household income: $305,653 2024 typical home value: $2,628,837 Salary needed to afford a house: $523,442 20% down payment: $525,767 Loan total: $2,103,070 Monthly mortgage: $13,086 Annual mortgage: $157,033 BondRocketImages / Shutterstock.com 17. Piedmont, California Total population: 11,161 Average household income: $404,409 2024 typical home value: $2,538,646 Salary needed to afford a house: $505,484 20% down payment: $507,729 Loan total: $2,030,917 Monthly mortgage: $12,637 Annual mortgage: $151,645 Kyle Hawton / Wikimedia Commons 18. Alamo, California Total population: 14,355 Average household income: $385,967 2024 typical home value: $2,490,350 Salary needed to afford a house: $495,867 20% down payment: $498,070 Loan total: $1,992,280 Monthly mortgage: $12,397 Annual mortgage: $148,760 Check Out: I’m a Real Estate Agent: 5 Cities Where Homes Will Be the Best Bargains in 2024
jeremyiswild / Getty Images 19. La Cañada Flintridge, California Total population: 20,378 Average household income: $310,947 2024 typical home value: $2,437,440 Salary needed to afford a house: $485,332 20% down payment: $487,488 Loan total: $1,949,952 Monthly mortgage: $12,133 Annual mortgage: $145,600 Michael Barera / Wikimedia Commons CC-BY-SA 4 20. University Park, Texas Total population: 25,179 Average household income: $381,235 2024 typical home value: $2,316,024 Salary needed to afford a house: $461,156 20% down payment: $463,205 Loan total: $1,852,819 Monthly mortgage: $11,529 Annual mortgage: $138,347 ©Shutterstock.com 21. Pinecrest, Florida Total population: 18,279 Average household income: $304,416 2024 typical home value: $2,253,484 Salary needed to afford a house: $448,703 20% down payment: $450,697 Loan total: $1,802,787 Monthly mortgage: $11,218 Annual mortgage: $134,611 ©iStock.com 22. Orinda, California Total population: 19,477 Average household income: $370,203 2024 typical home value: $2,052,404 Salary needed to afford a house: $408,665 20% down payment: $410,481 Loan total: $1,641,923 Monthly mortgage: $10,217 Annual mortgage: $122,600 Be Aware: Why Florida’s Retirees Are Fleeing — And Where They’re Going Instead
Daniel Case / Wikimedia Commons 23. Short Hills, New Jersey Total population: 14,448 Average household income: $481,717 2024 typical home value: $2,045,552 Salary needed to afford a house: $407,301 20% down payment: $409,110 Loan total: $1,636,441 Monthly mortgage: $10,183 Annual mortgage: $122,190 jan j. photography / Shutterstock.com 24. Coto de Caza, California Total population: 15,632 Average household income: $305,887 2024 typical home value: $1,977,705 Salary needed to afford a house: $393,792 20% down payment: $395,541 Loan total: $1,582,164 Monthly mortgage: $9,845 Annual mortgage: $118,137 FotosForTheFuture / Shutterstock.com 25. Rumson, New Jersey Total population: 7,285 Average household income: $424,834 2024 typical home value: $1,975,989 Salary needed to afford a house: $393,450 20% down payment: $395,198 Loan total: $1,580,791 Monthly mortgage: $9,836 Annual mortgage: $118,035 Wangkun Jia / Shutterstock.com 26. Wellesley, Massachusetts Total population: 29,862 Average household income: $367,801 2024 typical home value: $1,969,124 Salary needed to afford a house: $392,083 20% down payment: $393,825 Loan total: $1,575,299 Monthly mortgage: $9,802 Annual mortgage: $117,625 Read Next: Here’s the Cost To Retire Comfortably in Every State by Age
Tomsmith585 / Getty Images 27. Lafayette, California Total population: 25,310 Average household income: $312,233 2024 typical home value: $1,947,686 Salary needed to afford a house: $387,814 20% down payment: $389,537 Loan total: $1,558,149 Monthly mortgage: $9,695 Annual mortgage: $116,344 Joao Paulo V Tinoco / Shutterstock.com 28. Larchmont, New York Total population: 6,549 Average household income: $340,698 2024 typical home value: $1,623,348 Salary needed to afford a house: $323,234 20% down payment: $324,670 Loan total: $1,298,678 Monthly mortgage: $8,081 Annual mortgage: $96,970 EJ_Rodriquez / Getty Images/iStockphoto 29. Winnetka, Illinois Total population: 12,607 Average household income: $458,988 2024 typical home value: $1,602,948 Salary needed to afford a house: $319,172 20% down payment: $320,590 Loan total: $1,282,358 Monthly mortgage: $7,979 Annual mortgage: $95,751 T. Gitman / Shutterstock.com 30. East Hills, New York Total population: 7,242 Average household income: $391,360 2024 typical home value: $1,595,819 Salary needed to afford a house: $317,752 20% down payment: $319,164 Loan total: $1,276,655 Monthly mortgage: $7,944 Annual mortgage: $95,326 Explore More: Here’s What the US Minimum Wage Was the Year You Were Born
mTaira / Shutterstock.com 31. Great Falls, Virginia Total population: 14,968 Average household income: $373,735 2024 typical home value: $1,555,513 Salary needed to afford a house: $309,727 20% down payment: $311,103 Loan total: $1,244,411 Monthly mortgage: $7,743 Annual mortgage: $92,918 Famartin / Wikimedia Commons 32. Chevy Chase, Maryland Total population: 9,789 Average household income: $307,767 2024 typical home value: $1,543,498 Salary needed to afford a house: $307,334 20% down payment: $308,700 Loan total: $1,234,798 Monthly mortgage: $7,683 Annual mortgage: $92,200 Photographer: Carol M. Highsmith / Library of Congress 33. McLean, Virginia Total population: 49,587 Average household income: $364,093 2024 typical home value: $1,514,657 Salary needed to afford a house: $301,592 20% down payment: $302,931 Loan total: $1,211,726 Monthly mortgage: $7,540 Annual mortgage: $90,477 Nyttend / Wikimedia Commons 34. The Village of Indian Hill, Ohio Total population: 6,051 Average household income: $399,251 2024 typical home value: $1,513,531 Salary needed to afford a house: $301,367 20% down payment: $302,706 Loan total: $1,210,825 Monthly mortgage: $7,534 Annual mortgage: $90,410 Discover More: Net Worth for Baby Boomers: How To Tell Whether You’re Poor, Middle Class, Upper Middle Class or Rich
cranberries / Flickr.com 35. Bronxville, New York Total population: 6,570 Average household income: $416,514 2024 typical home value: $1,486,699 Salary needed to afford a house: $296,025 20% down payment: $297,340 Loan total: $1,189,359 Monthly mortgage: $7,401 Annual mortgage: $88,807 Jerrye & Roy Klotz / Wikimedia Commons 36. Villanova, Pennsylvania Total population: 8,081 Average household income: $410,270 2024 typical home value: $1,337,666 Salary needed to afford a house: $266,350 20% down payment: $267,533 Loan total: $1,070,133 Monthly mortgage: $6,659 Annual mortgage: $79,905 Ken Schulze / Shutterstock.com 37. Glencoe, Illinois Total population: 8,787 Average household income: $383,105 2024 typical home value: $1,337,040 Salary needed to afford a house: $266,225 20% down payment: $267,408 Loan total: $1,069,632 Monthly mortgage: $6,656 Annual mortgage: $79,868 Ritu Manoj Jethani / Shutterstock.com 38. Fair Haven, New Jersey Total population: 6,221 Average household income: $330,233 2024 typical home value: $1,326,856 Salary needed to afford a house: $264,197 20% down payment: $265,371 Loan total: $1,061,485 Monthly mortgage: $6,605 Annual mortgage: $79,259 Find Out: 7 Ways the Upper Middle Class Can Become Rich in 2024
kropic1 / Shutterstock.com 39. Upper Saddle River, New Jersey Total population: 8,313 Average household income: $328,250 2024 typical home value: $1,263,927 Salary needed to afford a house: $251,667 20% down payment: $252,785 Loan total: $1,011,141 Monthly mortgage: $6,292 Annual mortgage: $75,500 Barbara Smyers / Getty Images/iStockphoto 40. Southlake, Texas Total population: 30,779 Average household income: $360,078 2024 typical home value: $1,236,619 Salary needed to afford a house: $246,230 20% down payment: $247,324 Loan total: $989,296 Monthly mortgage: $6,156 Annual mortgage: $73,869 James Kirkikis / Shutterstock.com 41. Chatham, New Jersey Total population: 9,199 Average household income: $307,559 2024 typical home value: $1,230,740 Salary needed to afford a house: $245,059 20% down payment: $246,148 Loan total: $984,592 Monthly mortgage: $6,126 Annual mortgage: $73,518 LittleT889 / Wikimedia Commons 42. Ladue, Missouri Total population: 8,934 Average household income: $405,058 2024 typical home value: $1,179,815 Salary needed to afford a house: $234,919 20% down payment: $235,963 Loan total: $943,852 Monthly mortgage: $5,873 Annual mortgage: $70,476 Read More: How Much Money Do Americans Have in Their Bank Accounts in 2024?
DenisTangneyJr / Getty Images/iStockphoto 43. Hinsdale, Illinois Total population: 17,169 Average household income: $380,479 2024 typical home value: $1,112,089 Salary needed to afford a house: $221,434 20% down payment: $222,418 Loan total: $889,671 Monthly mortgage: $5,536 Annual mortgage: $66,430 DenisTangneyJr / Getty Images/iStockphoto 44. Glen Ridge, New Jersey Total population: 7,797 Average household income: $317,792 2024 typical home value: $1,089,974 Salary needed to afford a house: $217,031 20% down payment: $217,995 Loan total: $871,979 Monthly mortgage: $5,426 Annual mortgage: $65,109 melissamn / Shutterstock.com 45. Orono, Minnesota Total population: 8,223 Average household income: $325,789 2024 typical home value: $1,067,454 Salary needed to afford a house: $212,547 20% down payment: $213,491 Loan total: $853,963 Monthly mortgage: $5,314 Annual mortgage: $63,764 Paul Sableman / Flickr.com 46. Town and Country, Missouri Total population: 11,575 Average household income: $321,572 2024 typical home value: $1,058,584 Salary needed to afford a house: $210,780 20% down payment: $211,717 Loan total: $846,868 Monthly mortgage: $5,270 Annual mortgage: $63,234 Check Out: 5 Types of Homes That Will Plummet in Value in 2024
DenisTangneyJr / Getty Images/iStockphoto 47. Bernardsville, New Jersey Total population: 7,888 Average household income: $312,818 2024 typical home value: $976,599 Salary needed to afford a house: $194,456 20% down payment: $195,320 Loan total: $781,279 Monthly mortgage: $4,861 Annual mortgage: $58,337 48. Long Grove, Illinois Total population: 8,279 Average household income: $307,720 2024 typical home value: $847,302 Salary needed to afford a house: $168,711 20% down payment: $169,460 Loan total: $677,841 Monthly mortgage: $4,218 Annual mortgage: $50,613 ©Shutterstock.com 49. Medina, Minnesota Total population: 6,746 Average household income: $316,620 2024 typical home value: $819,748 Salary needed to afford a house: $163,225 20% down payment: $163,950 Loan total: $655,799 Monthly mortgage: $4,081 Annual mortgage: $48,967 halbergman / iStock.com 50. New Albany, Ohio Total population: 10,516 Average household income: $351,688 2024 typical home value: $683,517 Salary needed to afford a house: $136,099 20% down payment: $136,703 Loan total: $546,813 Monthly mortgage: $3,402 Annual mortgage: $40,830 Photo disclaimer: Photos are for illustrative purposes only. In many cases, the closest major city outside of the town mentioned in the article was used.
Methodology: For this piece, GOBankingRates looked at all places with a total population between 5,000 and 100,000 as sourced from the 2022 American Community Survey. With these cities isolated, GOBankingRates found the 50 places with the largest average household income as sourced from the 2022 American Community Survey and a typical 2024 home value as sourced from Zillow’s July 2024 data. With these 50 places selected, GOBankingRates was able to determine the minimum salary needed to afford a home (assuming no more than 30% of pre-tax income spent on housing). For mortgage calculations, GOBankingRates assumed a 30-year fixed rate at 6.35% (as sourced from Freddie Mac) with no P&I, no HOA fees and no property taxes. All data was collected and is up to date as of September 3, 2024.
This article originally appeared on GOBankingRates.com : The Salary Needed To Buy a Home in America’s 50 Wealthiest Towns
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