Report: Phoenix among top 10 most affordable cities to own a home

PHOENIX - A new report has found that Phoenix ranks among the top 10 most affordable metropolitan area in the nation to own a home.

According to numbers released this week by real estate research company , the annual salary required to afford a median-priced home in the Phoenix area is $41,308.

The report -- which ranked 27 metro areas -- considers the salary it would take to afford the principal, interest, taxes and insurance on a home. found that the median home price in Phoenix was $194,300, a 15 percent increase over last year. The median monthly payment was $964, and the median mortgage rate was 4.48 percent.

The most affordable city on the list was Cleveland, at $29,788. Rounding out the top five were Pittsburgh ($30,177), St. Louis ($31,275), Cincinnati ($31,850) and Detroit ($32,250). The five most expensive cities were listed as Boston ($79,820), Los Angeles ($85,964), New York City ($89,788), San Diego ($98,534) and San Francisco ($137,129).

Pacific Northwest cities Portland and Seattle came in 20th and 21st respectively. Portland required a $60,307 salary, while Seattle needed a $73,851.

To read the full report, click here.

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