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Finance How much you have to earn to buy a home in 23 of the most expensive places in the US right now

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America's housing supply reached an all-time low last quarter, and home prices are still on the rise.

A 2-bedroom, 2-bathroom in San Francisco listed for $899,000. play

A 2-bedroom, 2-bathroom in San Francisco listed for $899,000.

(Courtesy of Sherry Juneja, Skybox Realty)

  • Home prices increased in 92% of the largest 177 metro areas in the fourth quarter of 2017 compared to the previous year.
  • Incomes aren't keeping up with home prices, making it more difficult for homebuyers to qualify for a mortgage in the most expensive markets.
  • The salary needed to qualify in the top-five metro areas — four of which are located in California — exceeds $115,00.

US housing supply fell to an all-time low in the fourth quarter of 2017 and home prices continued to rise, according to the National Association of Realtors (NAR).

By the end of December, there were 1.48 million existing homes available for sale — 10.3% less than were on the market the same time last year.

NAR reports that while the national median family income rose to $74,492, increasing mortgage rates and home prices are affecting Americans' ability to buy a home, specifically in the country's most expensive housing markets.

"A majority of the country saw an upswing in buyer interest at the end of last year, which ultimately ended up putting even more strain on inventory levels and prices," said Lawrence Yun, NAR chief economist.

"Remarkably, home prices have risen a cumulative 48% since 2011, yet during this same timeframe, incomes are up only 15%," Yun said. While price gains have been a boon for homeowners, it's putting a strain on buyers and local markets that can't keep up with demand.

Using NAR's data on housing affordability, we gathered a list of the US metro areas where the minimum salary required to qualify for a mortgage, after a 20% down payment, is highest. NAR assumes a mortgage rate of 3.9% for all areas, with the monthly principle and interest payment limited to 25% of income.

Notably, the salary needed to qualify in the top-five metro areas — four of which are located in California — exceeds $115,000.

For the US as a whole, the average qualifying income is $46,808 and the median home price is $247,800 (though slightly down from the third quarter, it's up 5.3% year-over-year).

Below, check out how much you need to earn to buy a home in the most expensive housing markets, and what the median home will cost you.

The following markets are based on metropolitan statistical areas, with the exception of Anaheim-Santa Ana-Irvine and Los Angeles-Long Beach-Glendale, which are metropolitan divisions.

23. Burlington-South Burlington, Vermont

A 4-bedroom, 2-bathroom in Burlington listed for $278,000. play

A 4-bedroom, 2-bathroom in Burlington listed for $278,000.

(Courtesy of Jarvis & Titus Realty Group, Keller Williams Green Mountain)

Population: 214,363

Median sale price: $286,100

Salary needed to buy: $54,043



22. Austin-Round Rock, Texas

This 4-bedroom, 3-bathroom Austin home is listed for $296,000. play

This 4-bedroom, 3-bathroom Austin home is listed for $296,000.

(Courtesy of Judith Bundschuh, Catalyst Realty)

Population: 2,000,860

Median sale price: $293,200

Salary needed to buy: $55,384



21. Salt Lake City, Utah

A 3-bedroom, 2-bathroom in Salt Lake City listed for $289,900. play

A 3-bedroom, 2-bathroom in Salt Lake City listed for $289,900.

(Courtesy of Bob Plumb)

Population: 1,170,266

Median sale price: $315,100

Salary needed to buy: $59,521



20. Miami-Fort Lauderdale-West Palm Beach, Florida

A 3-bedroom, 3-bathroom Miami home for sale for $339,900. play

A 3-bedroom, 3-bathroom Miami home for sale for $339,900.

(Courtesy of Alexander Cuffia, E & V Sunny Isles Beach)

Population: 6,012,331

Median sale price: $335,000

Salary needed to buy: $63,280



19. Riverside-San Bernardino-Ontario, California

This 4-bedroom, 2-bathroom home in Ontario is listed for $338,000. play

This 4-bedroom, 2-bathroom home in Ontario is listed for $338,000.

(Courtesy of Flor Roman)

Population: 4,489,159

Median sale price: $340,000

Salary needed to buy: $64,224



18. Sacramento-Roseville-Arden Arcade, California

This 3-bedroom, 2-bathroom Sacramento home is listed for $344,900. play

This 3-bedroom, 2-bathroom Sacramento home is listed for $344,900.

(Courtesy of Jeanine Roza, Coldwell Banker)

Population: 2,274,194

Median sale price: $349,900

Salary needed to buy: $66,094



17. Reno, Nevada

This 4-bedroom, 2.5-bathroom home in Reno is listed for $350,000. play

This 4-bedroom, 2.5-bathroom home in Reno is listed for $350,000.

(Courtesy of Tiffany Ahrens, Chase International)

Population: 450,890

Median sale price: $356,900

Salary needed to buy: $67,417



16. Portland-Vancouver-Hillsboro, Oregon/Washington

This 3-bedroom, 2-bathroom in Portland is listed for $389,000. play

This 3-bedroom, 2-bathroom in Portland is listed for $389,000.

(Courtesy of Jewel Stockli, Berkshire Hathaway)

Population: 2,389,228

Median sale price: $380,400

Salary needed to buy: $71,856



15. New York-Newark-Jersey City, New York/New Jersey/Pennsylvania

A 4-bedroom, 3-bathroom in Newark for sale for $419,000. play

A 4-bedroom, 3-bathroom in Newark for sale for $419,000.

(Dina Padilla, Newark - Weichert Realtors)

Population: 20,182,305

Median sale price: $395,900

Salary needed to buy: $74,784



14. Washington-Arlington-Alexandria, Washington, DC/Virginia/Maryland

A 2-bedroom, 3-bathroom home in Washington, DC, listed for $405,000. play

A 2-bedroom, 3-bathroom home in Washington, DC, listed for $405,000.

(Courtesy of Stephanie Cooper)

Population: 6,097,684

Median sale price: $397,100

Salary needed to buy: $75,010



13. Barnstable Town, Massachusetts

A 3-bedroom, 2-bathroom home in Barnstable listed for $379,900. play

A 3-bedroom, 2-bathroom home in Barnstable listed for $379,900.

(Courtesy of Renata Vieira, EXIT Cape Realty)

Population: 214,333

Median sale price: $398,700

Salary needed to buy: $75,312



12. Denver-Aurora-Lakewood, Colorado

A 4-bedroom, 1-bathroom Denver home listed for $425,000. play

A 4-bedroom, 1-bathroom Denver home listed for $425,000.

(Courtesy of Carol Duncan, Keller Williams)

Population: 2,814,330

Median sale price: $414,400

Salary needed to buy: $78,278



11. Bridgeport-Stamford-Norwalk, Connecticut

A 3-bedroom, 2-bathroom for sale in Stamford for $409,000. play

A 3-bedroom, 2-bathroom for sale in Stamford for $409,000.

(Courtesy of Barbara Hickey, William Pitt Sotheby's International Realty)

Population: 948,053

Median sale price: $428,800

Salary needed to buy: $80,998



10. Naples-Immokalee-Marco Island, Florida

A 3-bedroom, 2-bathroom home in Naples listed for $437,000. play

A 3-bedroom, 2-bathroom home in Naples listed for $437,000.

(Courtesy of Bridget Fagan, John R. Wood Properties)

Population: 357,305

Median sale price: $438,500

Salary needed to buy: $82,830



9. Boston-Cambridge-Newton, Massachusetts/New Hampshire

This 3-bedroom, 1-bathroom Boston home is listed for $469,000. play

This 3-bedroom, 1-bathroom Boston home is listed for $469,000.

(Courtesy of Liza Carreiro, Cana Realty, LLC)

Population: 4,774,321

Median sale price: $448,500

Salary needed to buy: $84,719



8. Seattle-Tacoma-Bellevue, Washington

A 3-bedroom, 1-bathroom in Seattle listed for $470,000. play

A 3-bedroom, 1-bathroom in Seattle listed for $470,000.

(Courtesy of Peter and Rachel Badgett, Urban Properties)

Population: 3,733,580

Median sale price: $471,700

Salary needed to buy: $89,102



7. Los Angeles-Long Beach-Glendale, California

A 3-bedroom, 1-bathroom home for sale in Los Angeles for $599,999. play

A 3-bedroom, 1-bathroom home for sale in Los Angeles for $599,999.

(Courtesy of DSCVR Properties via Trulia)

Population: 10,170,292

Median sale price: $541,200

Salary needed to buy: $104,516



6. Boulder, Colorado

This 3-bedroom, 2-bathroom home in Boulder is listed for $597,500. play

This 3-bedroom, 2-bathroom home in Boulder is listed for $597,500.

(Courtesy of Karen Bernardi, Coldwell Banker)

Population: 319,372

Median sale price: $546,400

Salary needed to buy: $103,212



5. San Diego-Carlsbad, California

A 2-bedroom, 1-bathroom San Diego home listed for $605,000. play

A 2-bedroom, 1-bathroom San Diego home listed for $605,000.

(Courtesy of Natalie Stenehjem, Big Block Realty, Inc.)

Population: 3,299,521

Median sale price: $610,000

Salary needed to buy: $115,226



4. Urban Honolulu, Hawaii

A 2-bedroom, 2-bathroom home listed for $759,000 in Honolulu. play

A 2-bedroom, 2-bathroom home listed for $759,000 in Honolulu.

(Courtesy of Locations Hawaii)

Population: 998,714

Median sale price: $760,600

Salary needed to buy: $143,674



3. Anaheim-Santa Ana-Irvine, California

This 4-bedroom, 2.5-bathroom home in Anaheim is listed for $789,900. play

This 4-bedroom, 2.5-bathroom home in Anaheim is listed for $789,900.

(Courtesy of Jim Salem, First Team Real Estate)

Population: 3,169,776

Median sale price: $785,000

Salary needed to buy: $148,283



2. San Francisco-Oakland-Hayward, California

play

(Courtesy of Sherry Juneja, Skybox Realty)

Population: 4,656,132

Median sale price: $920,000

Salary needed to buy: $173,783



1. San Jose-Sunnyvale-Santa Clara, California

A 5-bedroom, 3.5-bathroom San Jose house on the market for $1.1 million. play

A 5-bedroom, 3.5-bathroom San Jose house on the market for $1.1 million.

(Courtesy of David Frazer, Coldwell Banker)

Population: 1,976,836

Median sale price: $1,270,000

Salary needed to buy: $239,897