Here's the salary you have to earn to buy a home in 19 major US cities

Shutterstock

How much does it take to buy a home?

Mortgage site HSH.com has updated its estimate of how much annual income a household would need to buy a home in major metropolitan areas in the US, according to third-quarter 2016 data.

In Q3, mortgage rates fell across the board for the second quarter in a row, which offset small increases in home prices in all but four major markets, making it more affordable to buy a home in the majority of major US cities.

However, a shortage of homes on the market means that if mortgage rates were to rise, buyers would find themselves in an expensive, tight spot.

HSH.com looked at median home prices from the National Association of Realtors. It took into account interest rates for common 30-year fixed-rate mortgages and property taxes and insurance costs to figure out how much money it would take to pay a median-priced home's mortgage, taxes, and insurance in each city, and how much you'd have to earn to afford it.

HSH.com emphasizes that this is only the base cost of owning a home, without taking into account maintenance and other incidentals.

The site also calculated how it would change the salary needed to buy a home if a buyer were to put 10% down instead of the recommended 20%. No matter where you are, putting down less makes things more expensive — you can visit HSH.com to see both numbers.

Salaries are listed from lowest to highest needed and are rounded to the nearest $500.

19. San Antonio

Population: 1,409,000

Median home price: $212,300

Monthly mortgage payment: $1,127

Salary needed to buy: $48,500

18. Orlando

Population: 255,483

Median home price: $229,900

Monthly mortgage payment: $1,162

Salary needed to buy: $50,000

17. Minneapolis

Population: 407,207

Median home price: $240,300

Monthly mortgage payment: $1,181

Salary needed to buy: $50,500