Here's how much it costs each month to own a home in the 15 largest US metros

With home prices on the rise across the US — and incomes lagging far behind — the decision to become a homeowner is nothing short of a serious financial commitment.

While you'll need to have money saved for a down payment, typically 20% of the purchase price, the biggest cost is recurring monthly payments. That is, your mortgage payment (principal and interest), plus taxes and homeowner's insurance, all together known as PITI.

While some of these numbers can vary depending on the exact location of a home, mortgage resource put together a list of the monthly costs of homeownership in the biggest metros in the US to give buyers an idea of the estimated costs across different markets.

To find the monthly cost of homeownership in these cities, gathered data on:

  • Median home prices from the National Association of Realtors' second-quarter report to determine the monthly mortgage payment. The site assumed a 20% down payment and a 30-year fixed mortgage at an interest rate of 4.11%.
  • Average property taxes from the Census Bureau's 2015 American Community Survey.
  • Statewide average homeowner insurance premium costs from the Insurance Information Institute. added these numbers together for each metro to arrive at the final monthly cost. It's important to note that while these figures are a good starting point to gauge affordability of a home, it's important to factor in easily forgotten and hidden costs as well, like maintenance, closing costs, utilities, and homeowner's association fees.

Below, check out the cost of owning a home in the 15 largest US metros — ranked from least to most expensive — plus the annual salary you need to earn to qualify for a mortgage: 

The cost of owning a home in the US
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The cost of owning a home in the US

15. Detroit

Total monthly cost (PITI): $983

Median home price: $179,529

Salary needed to buy: $42,110 

Photo credit: Getty

14. Atlanta

Total monthly cost (PITI): $1,024

Median home price: $204,900

Salary needed to buy: $43,893 

Photo credit: Getty

13. Phoenix

Total monthly cost (PITI): $1,135

Median home price: $247,300

Salary needed to buy: $48,655 

Photo credit: Getty

12. Philadelphia

Total monthly cost (PITI): $1,323

Median home price: $239,100

Salary needed to buy: $56,702

Photo credit: Getty

11. Houston

Total monthly cost (PITI): $1,338

Median home price: $235,600

Salary needed to buy: $57,346 

Photo credit: Getty

10. Dallas

Total monthly cost (PITI): $1,424

Median home price: $255,200

Salary needed to buy: $61,040 

Photo credit: Getty

9. Chicago

Total monthly cost (PITI): $1,509

Median home price: $264,300

Salary needed to buy: $64,681 

Photo credit: Getty

8. Riverside/San Bernardino

Total monthly cost (PITI): $1,605

Median home price: $342,100

Salary needed to buy: $68,790 

Photo credit: Getty

7. Miami

Total monthly cost (PITI): $1,672

Median home price: $335,000

Salary needed to buy: $71,644 

Photo credit: Getty

6. Washington DC

Total monthly cost (PITI): $2,069

Median home price: $428,700

Salary needed to buy: $88,664 

Photo credit: Getty

5. Seattle

Total monthly cost (PITI): $2,190

Median home price: $475,400

Salary needed to buy: $93,853 

Photo credit: Getty

4. Boston

Total monthly cost (PITI): $2,299

Median home price: $464,900

Salary needed to buy: $98,519 

Photo credit: Getty

3. New York

Total monthly cost (PITI): $2,313

Median home price: $414,000

Salary needed to buy: $99,137 

Photo credit: Getty

2. Los Angeles

Total monthly cost (PITI): $2,369

Median home price: $514,200

Salary needed to buy: $101,532 

Photo credit: Getty

1. San Francisco

Total monthly cost (PITI): $4,231

Median home price: $950,000

Salary needed to buy: $181,341 

Photo credit: Alamy 



More from Business insider: 
New York vs New Jersey — we did the math on where it's cheapest for commuters to live
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17 American cities where home prices are skyrocketing — but houses are still affordable

SEE ALSO: The hidden costs of owning a home in the 16 biggest cities in America

DON'T MISS: The salary you need to earn to buy a home right now in 23 of the most expensive US housing markets

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