Join the Cleveland Scene Press Club. Because No News is Bad News.

Monday, June 2, 2014

CHART: Here's How Much Money You Need to Earn to Buy a Home in Cleveland

Posted By on Mon, Jun 2, 2014 at 3:39 PM

The cost of living in the U.S. varies substantially, with some East Coasters needing a base salary of $79,000 annually to purchase a median-priced home, and some West Coasters needing almost double that. 

But have you ever wondered how much you, dear Clevelander, need to make each year to buy your own place?

Not all that much, comparably., an online mortgage and consumer loan information website, recently crunched the numbers and found that folks setting down in Cleveland need only to make $29,788.67 each year to afford average monthly mortgage payments. 

To come up with that number, HSHers looked at “the National Association of Realtors’ fourth-quarter data for median home prices and’s fourth-quarter average interest rate for 30-year, fixed-rate mortgages to determine how much money homebuyers would need to earn in order to afford only the principal and interest payment on a median-priced home in their market.”

(Note, they didn’t take property taxes, insurance, or other expenses into account for the numbers illustrated on the chart below.)

Take a look at the numbers below - anything surprise you about Cleveland? About other U.S. cities?

click to enlarge SCREENSHOT, HSH.COM
  • Screenshot,

Tags: , , ,

We welcome readers to submit letters regarding articles and content in Cleveland Scene. Letters should be a minimum of 150 words, refer to content that has appeared on Cleveland Scene, and must include the writer's full name, address, and phone number for verification purposes. No attachments will be considered. Writers of letters selected for publication will be notified via email. Letters may be edited and shortened for space.

Email us at

Cleveland Scene works for you, and your support is essential.

Our small but mighty local team works tirelessly to bring you high-quality, uncensored news and cultural coverage of Cleveland and beyond.

Unlike many newspapers, ours is free – and we'd like to keep it that way, because we believe, now more than ever, everyone deserves access to accurate, independent coverage of their community.

Whether it's a one-time acknowledgement of this article or an ongoing pledge, your support helps keep Cleveland's true free press free.

Read the Digital Print Issue

October 21, 2020

View more issues


Never miss a beat

Sign Up Now

Subscribe now to get the latest news delivered right to your inbox.


© 2020 Cleveland Scene: 737 Bolivar Rd., Suite 4100, Cleveland, OH 44115, (216) 505-8199
Logos and trademarks on this site are property of their respective owners.

Website powered by Foundation