There are 5 places in the US where you need to make over $100,000 to afford a home

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Several of the priciest housing markets in the country are found in the American West.

In the last quarter of 2016, the median cost of a single-family home in the region rose to $348,800, up nearly 8% from the previous year and a greater increase than any other region, according to the National Association of Realtors (NAR).

By contrast, the current US median home price is $232,200.

"Depressed new and existing inventory conditions led to several of the largest metro areas seeing near or above double-digit appreciation, which has pushed home values to record highs in a slight majority of markets," said Lawrence Yun, NAR chief economist.

As supply lags behind demand, and prices and mortgage rates continue to rise, homebuyers entering the market may find it increasingly unaffordable to buy a home.

Using NAR's data on housing affordability, we discovered the top-five US metro areas where the minimum salary required to qualify for a mortgage, with 20% down, is above $100,000. NAR assumes a mortgage rate of 3.9% for all areas, with the monthly principle and interest payment limited to 25% of income.

While the salary needed to buy in these areas is exceptional, purchasing a home in a number of markets across the country remains affordable, with required salaries at or below the median household income of $70,831. The average qualifying income for the US as a whole is $42,962.

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

The following markets are based on metropolitan statistical areas, with the exception of Anaheim-Santa Ana-Irvine, which is a metropolitan division.

5. San Diego-Carlsbad, California

Population: 3,299,521
Median home cost: $593,000
Salary needed to buy: $108,410

4. Urban Honolulu, Hawaii

Population: 998,714
Median home cost: $740,200
Salary needed to buy: $135,320

3. Anaheim-Santa Ana-Irvine, California

Population: 3,169,776
Median home cost: $745,200
Salary needed to buy: $136,234

2. San Francisco-Oakland-Hayward, California

Population: 4,656,132
Median home cost: $837,500
Salary needed to buy: $153,108

1. San Jose-Sunnyvale-Santa Clara, California

Population: 1,976,836
Median home cost: $1,005,000
Salary needed to buy: $183,730

Now see the most expensive area for renters:

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20 most expensive areas for renters in the U.S.
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20 most expensive areas for renters in the U.S.

20. Franklin, Tennessee

Metro area: Nashville

Median household income: $94,458

Average rent: $2,534

Source: HomeUnion 

Photo credit: Getty

19. Baldwin Park, Florida

Metro area: Orlando

Median household income: $95,292

Average rent: $2,553

Source: HomeUnion

​​​​​​​Photo credit: Getty

18. Rice Military, Texas

Metro area: Houston

Median household income: $97,546

Average rent: $2,858

Source: HomeUnion 

Photo credit: Getty

17. Chicago Loop, Illinois

Metro area: Chicago

Median household income: $97,645

Average rent: $2,275

Source: HomeUnion 

Photo credit: Getty

16. Lone Tree, Colorado

Metro area: Denver

Median household income: $99,398

Average rent: $3,019

Source: HomeUnion 

Photo credit: Getty

15. Cary, North Carolina

Metro area: Raleigh

Median household income: $99,489

Average rent: $1,979

Source: HomeUnion 

Photo credit: Getty

14. Buckhead Heights, Georgia

Metro area: Atlanta

Median household income: $100,662

Average rent: $2,307

Source: HomeUnion 

Photo credit: Getty

13. Kirkland, Washington

Metro area: Seattle

Median household income: $103,962

Average rent: $2,793

Source: HomeUnion 

Photo credit: Getty​​​​​​​

12. Bryn Mawr, Pennsylvania

Metro area: Philadelphia

Median household income: $104,337

Average rent: $2,889

Source: HomeUnion 

Photo credit: Getty

11. Highland Park, Texas

Metro area: Dallas/Fort Worth

Median household income: $108,973

Average rent: $4,268

Source: HomeUnion 

Photo credit: Getty

10. Corona del Mar, California 

Metro area: Orange County

Median household income: $119,091

Average rent: $5,109

Source: HomeUnion

Photo credit: Getty

9. Rockridge, California 

Metro area: Oakland

Median household income: $120,236

Average rent: $4,670

Source: HomeUnion

Photo credit: Getty

8. Chestnut Hill, Massachusetts 

Metro area: Boston

Median household income: $120,993

Average rent: $4,070

Source: HomeUnion 

Photo credit: Getty

7. Carmel Valley, California 

Metro area: San Diego

Median household income: $126,841

Average rent: $3,988

Source: HomeUnion

Photo credit: Getty

6. Cupertino, California 

Metro area: San Jose, CA

Median household income: $129,371

Average rent: $4,384

Source: HomeUnion

Photo credit: Getty

5. Manhattan Beach, California 

Metro area: Los Angeles

Median household income: $139,898

Average rent: $6,323

Source: HomeUnion

Photo credit: Getty

4. Herndon, Virginia 

Metro area: Washington, DC

Median household income: $142,488

Average rent: $2,462

Source: HomeUnion 

Photo credit: Getty

3. Newport-Jersey City, New Jersey 

Metro area: Northern New Jersey

Median household income: $143,846

Average rent: $2,910

Source: HomeUnion

Photo credit: Getty

2. Financial District/Rincon Hill, California

Metro area: San Francisco

Median household income: $151,879

Average rent: $4,980

Source: HomeUnion

Photo credit: Getty

1. Tribeca, New York

Metro area: New York

Median household income: $204,822

Average rent: $8,762

Source: HomeUnion

Photo credit: Getty

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See Also:
​​​​An HGTV star who's invested in over 100 properties explains what to do if you want to buy a home, but don't think you can afford it
​​​​​​The salary you need to earn to buy a home right now in 23 of the most expensive housing markets in America
An HGTV star who's invested in over 100 properties reveals the simple trick any homebuyer can use to win a bidding war

SEE ALSO: The salary you need to earn to buy a home right now in 23 of the most expensive housing markets in America

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