Record-low inventory is causing home prices to rise across the U.S., so higher salaries are now required to afford monthly housing payments, according to SmartAsset.
The financial technology firm crunched the numbers using its mortgage calculator, discovering that the inhabitants of three of the country's largest cities have to rake in more than $110,000 a year to pay for a home to call their own (when you factor in the mortgage, property taxes and homeowners insurance). That whopper of a tab is near double the average of $57,617 needed by home buyers nationwide.
Kenneth Kiesnoski | CNBC