- Monthly mortgage payments in the US have increased twice as much as incomes from 2017 to 2019, according to home ownership investment company Unison's 2019 Home Affordability Report.
- The report takes a look at how much homeowners need to make each year in order to afford the median monthly mortgage payments in major US cities.
- The report's findings are based on homebuyers who spend 30% or less of their gross income on monthly payments.
- Of the 35 cities the report ranked, we looked at the 17 cities where homeowners need to make the highest salary to afford their mortgage.
- Visit Business Insider's homepage for more stories.
Saving up for the down payment is only part of the hurdle to homeownership for homeowners.
Unison's 2019 Home Affordability Report found that since mortgage interest rates rose from 3.99 % to 4.54%, monthly mortgage payments across major US cities have increased twice as much as incomes.
The report broke down how much homeowners need to make in 35 US cities in order to afford the city's median monthly mortgage payments. From that list, we looked at the 17 US cities where homeowners have to make the highest salary to afford a mortgage.
Read more: Here's how many years it takes to save for a 20% down payment on a home in 12 major US cities
The report's findings are based on homebuyers who spend 30% or less of their gross income on monthly payments. The report assumes a 20% down payment, and a 4.54% mortgage interest rate on 2018 data and a 3.99% mortgage interest rate on 2017 data, the average annual Freddie Mac 30-year fixed rates. Data on median household incomes and median value of owner-occupied housing units were provided to Unison by S&P Global.
Keep reading to see the top 17 US cities where homeowners have to make the highest salary to afford the median mortgage.
SEE ALSO: Here's how many years it takes to save for a 20% down payment on a home in 12 major US cities
SEE ALSO: The 21 most influential cities in the world
17: Las Vegas, Nevada
In Las Vegas, in order to afford the city's median monthly mortgage payment of $1,150, homeowners must earn a minimum annual income of $45,998.
The average price of a home in Las Vegas is $234,832.
16: Minneapolis, Minnesota
In Minneapolis, in order to afford the city's median monthly mortgage payment of $1,228, homeowners must earn a minimum annual income of $49,122.
The average price of a home in Minneapolis is $250,779.
15. Chicago, Illinois
In Chicago, in order to afford the city's median monthly mortgage payment of $1,276, homeowners must earn a minimum annual income of $51,031.
The average price of a home in Chicago is $260,526.
14. Atlanta, Georgia
In Atlanta, in order to afford the city's median monthly mortgage payment of $1,357, homeowners must earn a minimum annual income of $54,266.
The average price of a home in Atlanta is $277,041.
13. Salt Lake City, Utah
In Salt Lake City, in order to afford the city's median monthly mortgage payment of $1,431, homeowners must earn a minimum annual income of $57,248.
The average price of a home in Salt Lake City is $292,263.
12. Miami, Florida
In Miami, in order to afford the city's median monthly mortgage payment of $1,541, homeowners must earn a minimum annual income of $61,634.
The average price of a home in Miami is $314,657.
11. Denver, Colorado
In Denver, in order to afford the city's median monthly mortgage payment of $1,725, homeowners must earn a minimum annual income of $68,983.
The average price of a home in Denver is $352,172.
10. Portland, Oregon
In Portland, in order to afford the city's median monthly mortgage payment of $1,853, homeowners must earn a minimum annual income of $74,137.
The average price of a home in Portland is $378,483.
9. Boston, Massachusetts
In Boston, in order to afford the city's median monthly mortgage payment of $2,384, homeowners must earn a minimum annual income of $95,344.
The average price of a home in Boston is $486,752.
8. New York City, New York
In New York City, in order to afford the city's median monthly mortgage payment of $2,733, homeowners must earn a minimum annual income of $109,313.
The average price of a home in New York City is $558,065.
7. Washington, D.C.
In Washington, D.C., in order to afford the city's median monthly mortgage payment of $2,803, homeowners must earn a minimum annual income of $112,106.
The average price of a home in Washington, D.C. is $572,324.
6. Seattle, Washington
In Seattle, in order to afford the city's median monthly mortgage payment of $2,855, homeowners must earn a minimum annual income of $114,217.
The average price of a home in Seattle is $583,100.
5. San Diego, California
In San Diego, in order to afford the city's median monthly mortgage payment of $2,916, homeowners must earn a minimum annual income of $116,652.
The average price of a home in San Diego is $595,533.
4. Los Angeles, California
In Los Angeles, in order to afford the city's median monthly mortgage payment of $3,048, homeowners must earn a minimum annual income of $121,939.
The average price of a home in Los Angeles is $622,523.
3. Urban Honolulu, Hawaii
In Urban Honolulu, in order to afford the city's median monthly mortgage payment of $3,514, homeowners must earn a minimum annual income of $140,555.
The average price of a home in Urban Honolulu is $717,564.
2. San Jose, California
In San Jose, in order to afford the city's median monthly mortgage payment of $3,817, homeowners must earn a minimum annual income of $152,697.
The average price of a home in San Jose is $779,549.
1. San Francisco, California
In San Francisco, in order to afford the city's median monthly mortgage payment of $5,052, homeowners must earn a minimum annual income of $202,094.
The average price of a home in San Francisco is $1,032,732.
