real estate

Total monthly homeownership costs by city

For a house to be considered affordable, total monthly housing costs (principal and interest on the mortgage, insurance and taxes) shouldn't exceed 28 percent of household income.

Here are the total median monthly housing costs in 25 major U.S. cities.

Total median monthly costs of homeownership by city (2012)

Mortgage rateMortgage principal and interest paymentProperty tax paymentHomeowners insurance premiumTotal
Detroit3.60%$218.96$229.25$61.67$509.88
Atlanta3.78%$383.76$157.58$65.58$606.92
Phoenix3.46%$530.46$119.75$53.50$703.71
St. Louis3.58%$477.83$177.67$73.42$728.92
Pittsburgh3.91%$498.69$200.08$57.83$756.60
Tampa, Fla.4.37%$576.03$142.42$121.67$840.12
Sacramento, Calif.3.70%$626.72$225.67$76.83$929.22
Minneapolis3.61%$635.47$223.58$76.58$935.63
San Antonio3.70%$599.47$250.83$87.83$938.13
Dallas3.67%$598.00$291.08$124.50$1,013.58
Houston3.50%$604.59$289.42$139.50$1,033.51
Milwaukee3.61%$691.00$328.08$45.17$1,068.35
Miami3.42%$735.18$216.67$121.67$1,073.52
Portland, Ore.3.70%$861.28$241.50$45.33$1,148.11
Denver3.53%$940.02$146.50$74.42$1,160.94
Chicago3.85%$703.96$402.75$65.75$1,172.46
Philadelphia3.66%$805.02$320.58$57.83$1,183.43
Baltimore3.95%$968.06$244.00$64.92$1,276.98
Seattle3.63%$1,394.00$286.50$46.00$1,726.50
Los Angeles3.68%$1,090.00$307.92$76.83$1,474.75
Washington, D.C.3.63%$1,339.79$306.58$89.08$1,735.45
San Diego3.65%$1,387.38$282.00$76.83$1,746.21
Boston4.01%$1,384.65$362.83$86.25$1,833.73
New York3.67%$1,385.30$598.58$85.08$2,068.96
San Francisco3.58%$2,004.93$415.92$76.83$2,497.68

Median home price source: National Association of Realtors, 2012 quarter two study of existing single-family homes. (Note: Pittsburgh was not included in that study, so September 2012 data from Real STATS was substituted.) "Mortgage principal and interest payment" assumes 80 percent of a city's median home price was borrowed, while 20 percent was a down payment. Monthly principal and interest payment was calculated using Bankrate's mortgage calculator.

Median property taxes source: U.S. Census Bureau, 2011 American Community Survey, median real estate taxes by metropolitan statistical area. Each city's property taxes were divided by 12 to calculate the property tax payment.

Average homeowners insurance source: National Association of Insurance Commissioners, 2009 average premiums by state. (Note: Average 2009 premiums for Texas cities were obtained from the Texas Department of Insurance.) "Homeowners insurance premium" was calculated by dividing average homeowners insurance premiums by 12 to get the monthly payment.

30-year fixed-rate mortgage rate source: Bankrate.com, weekly national survey from Sept. 19, 2012. (Note: City-specific data were not available for Portland, Ore., Sacramento, Calif., and San Antonio, so the national average was used for those three cities.)

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