23 Cities Where a $100K Salary Can Buy You a 3-Bedroom House — and 27 Cities Where It Doesn’t

Heather Taylor

16 May 2024 at 11:00 am·22-min read

Depending on where you live, earning a $100,000 salary might cover most of a three-bedroom home purchase or it may not be anywhere near enough money to put toward buying a house with this many bedrooms.

To determine the cities where a $100K salary is enough to afford a three-bedroom home, GOBankingRates found the average home value for a three-bedroom home in March 2024 and assumed an 8% down payment, typical for first-time homebuyers, to calculate the average mortgage amount. Each city’s average expenditure cost was calculated using cost-of-living indexes and the national average cost for expenditures for all residents. The annual total cost of living for each city was then determined using the average expenditure cost and average mortgage cost.

Of the top 50 most populated cities in the United States, a $100K salary would be enough money for first-time homebuyers purchasing three-bedroom homes in 23 cities and not enough money in 27 cities.

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23 Cities Where an $100K Salary Buys You a 3-Bedroom House

Ranked from least to most salary needed, first-time homebuyers can purchase homes on a $100k salary in the following 23 cities.

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Detroit, Michigan

Population total: 636,787
March 2024 3-bedroom home value: $72,447
Annual average expenditure cost: $22,795.25
8% down (down payment): $5,796
8% down (loan amount): $66,652
8% down (average mortgage monthly cost): $447
8% down (average mortgage annual cost): $5,370
8% down (annual total cost of living): $28,165
Salary needed (needs = 50%): $56,330
Is a $100k salary enough? Yes

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Memphis, Tennessee

Population total: 630,027
March 2024 3-bedroom home value: $142,809
Annual average expenditure cost: $23,198.02
8% down (down payment): $11,425
8% down (loan amount): $131,384
8% down (average mortgage monthly cost): $882
8% down (average mortgage annual cost): $10,585
8% down (annual total cost of living): $33,783
Salary needed (needs = 50%): $67,565
Is a $100k salary enough? Yes

Baltimore, Maryland

Population total: 584,548
March 2024 3-bedroom home value: $185,071
Annual average expenditure cost: $23,842.91
8% down (down payment): $14,806
8% down (loan amount): $170,265
8% down (average mortgage monthly cost): $1,143
8% down (average mortgage annual cost): $13,717
8% down (annual total cost of living): $37,560
Salary needed (needs = 50%): $75,120
Is a $100k salary enough? Yes

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El Paso, Texas

Population total: 677,181
March 2024 3-bedroom home value: $217,215
Annual average expenditure cost: $21,944.26
8% down (down payment): $17,377
8% down (loan amount): $199,838
8% down (average mortgage monthly cost): $1,342
8% down (average mortgage annual cost): $16,099
8% down (annual total cost of living): $38,044
Salary needed (needs = 50%): $76,088
Is a $100k salary enough? Yes

Tulsa, Oklahoma

Population total: 411,938
March 2024 3-bedroom home value: $203,466
Annual average expenditure cost: $23,694.11
8% down (down payment): $16,277
8% down (loan amount): $187,189
8% down (average mortgage monthly cost): $1,257
8% down (average mortgage annual cost): $15,080
8% down (annual total cost of living): $38,775
Salary needed (needs = 50%): $77,549
Is a $100k salary enough? Yes

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Oklahoma City, Oklahoma

Population total: 681,088
March 2024 3-bedroom home value: $206,378
Annual average expenditure cost: $23,735.95
8% down (down payment): $16,510
8% down (loan amount): $189,868
8% down (average mortgage monthly cost): $1,275
8% down (average mortgage annual cost): $15,296
8% down (annual total cost of living): $39,032
Salary needed (needs = 50%): $78,065
Is a $100k salary enough? Yes

Philadelphia, Pennsylvania

Population total: 1,593,208
March 2024 3-bedroom home value: $188,842
Annual average expenditure cost: $25,384.72
8% down (down payment): $15,107
8% down (loan amount): $173,735
8% down (average mortgage monthly cost): $1,166
8% down (average mortgage annual cost): $13,997
8% down (annual total cost of living): $39,381
Salary needed (needs = 50%): $78,763
Is a $100k salary enough? Yes

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Indianapolis, Indiana

Population total: 882,006
March 2024 3-bedroom home value: $222,608
Annual average expenditure cost: $23,343.04
8% down (down payment): $17,809
8% down (loan amount): $204,799
8% down (average mortgage monthly cost): $1,375
8% down (average mortgage annual cost): $16,499
8% down (annual total cost of living): $39,842
Salary needed (needs = 50%): $79,685
Is a $100k salary enough? Yes

Wichita, Kansas

Population total: 395,951
March 2024 3-bedroom home value: $194,618
Annual average expenditure cost: $25,228.61
8% down (down payment): $15,569
8% down (loan amount): $179,049
8% down (average mortgage monthly cost): $1,202
8% down (average mortgage annual cost): $14,425
8% down (annual total cost of living): $39,653
Salary needed (needs = 50%): $79,307
Is a $100k salary enough? Yes

Ron and Patty Thomas / Getty Images/iStockphoto

Milwaukee, Wisconsin

Population total: 573,299
March 2024 3-bedroom home value: $206,627
Annual average expenditure cost: $24,579.64
8% down (down payment): $16,530
8% down (loan amount): $190,097
8% down (average mortgage monthly cost): $1,276
8% down (average mortgage annual cost): $15,315
8% down (annual total cost of living): $39,894
Salary needed (needs = 50%): $79,789
Is a $100k salary enough? Yes

Kansas City, Missouri

Population total: 505,958
March 2024 3-bedroom home value: $232,466
Annual average expenditure cost: $23,421.28
8% down (down payment): $18,597
8% down (loan amount): $213,869
8% down (average mortgage monthly cost): $1,436
8% down (average mortgage annual cost): $17,230
8% down (annual total cost of living): $40,651
Salary needed (needs = 50%): $81,302
Is a $100k salary enough? Yes

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Louisville, Kentucky

Population total: 629,176
March 2024 3-bedroom home value: $248,265
Annual average expenditure cost: $22,484.73
8% down (down payment): $19,861
8% down (loan amount): $228,404
8% down (average mortgage monthly cost): $1,533
8% down (average mortgage annual cost): $18,401
8% down (annual total cost of living): $40,886
Salary needed (needs = 50%): $81,771
Is a $100k salary enough? Yes

San Antonio, Texas

Population total: 1,445,662
March 2024 3-bedroom home value: $241,060
Annual average expenditure cost: $23,295.28
8% down (down payment): $19,285
8% down (loan amount): $221,776
8% down (average mortgage monthly cost): $1,489
8% down (average mortgage annual cost): $17,867
8% down (annual total cost of living): $41,162
Salary needed (needs = 50%): $82,324
Is a $100k salary enough? Yes

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Columbus, Ohio

Population total: 902,449
March 2024 3-bedroom home value: $251,828
Annual average expenditure cost: $23,912.62
8% down (down payment): $20,146
8% down (loan amount): $231,682
8% down (average mortgage monthly cost): $1,555
8% down (average mortgage annual cost): $18,665
8% down (annual total cost of living): $42,578
Salary needed (needs = 50%): $85,155
Is a $100k salary enough? Yes

Houston, Texas

Population total: 2,296,253
March 2024 3-bedroom home value: $253,294
Annual average expenditure cost: $23,889.79
8% down (down payment): $20,264
8% down (loan amount): $233,031
8% down (average mortgage monthly cost): $1,564
8% down (average mortgage annual cost): $18,774
8% down (annual total cost of living): $42,663
Salary needed (needs = 50%): $85,327
Is a $100k salary enough? Yes

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Barbara Smyers / Getty Images/iStockphoto

Fort Worth, Texas

Population total: 924,663
March 2024 3-bedroom home value: $276,304
Annual average expenditure cost: $24,570.53
8% down (down payment): $22,104
8% down (loan amount): $254,200
8% down (average mortgage monthly cost): $1,707
8% down (average mortgage annual cost): $20,479
8% down (annual total cost of living): $45,050
Salary needed (needs = 50%): $90,099
Is a $100k salary enough? Yes

Jacksonville, Florida

Population total: 950,203
March 2024 3-bedroom home value: $284,225
Annual average expenditure cost: $24,292.13
8% down (down payment): $22,738
8% down (loan amount): $261,487
8% down (average mortgage monthly cost): $1,756
8% down (average mortgage annual cost): $21,066
8% down (annual total cost of living): $45,358
Salary needed (needs = 50%): $90,717
Is a $100k salary enough? Yes

Albuquerque, New Mexico

Population total: 562,551
March 2024 3-bedroom home value: $322,961
Annual average expenditure cost: $22,718.29
8% down (down payment): $25,837
8% down (loan amount): $297,124
8% down (average mortgage monthly cost): $1,995
8% down (average mortgage annual cost): $23,937
8% down (annual total cost of living): $46,655
Salary needed (needs = 50%): $93,311
Is a $100k salary enough? Yes

steveodonnell / Getty Images/iStockphoto

Omaha, Nebraska

Population total: 489,201
March 2024 3-bedroom home value: $265,738
Annual average expenditure cost: $26,796.17
8% down (down payment): $21,259
8% down (loan amount): $244,479
8% down (average mortgage monthly cost): $1,641
8% down (average mortgage annual cost): $19,696
8% down (annual total cost of living): $46,492
Salary needed (needs = 50%): $92,984
Is a $100k salary enough? Yes

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Dallas, Texas

Population total: 1,300,642
March 2024 3-bedroom home value: $302,341
Annual average expenditure cost: $24,446.95
8% down (down payment): $24,187
8% down (loan amount): $278,154
8% down (average mortgage monthly cost): $1,867
8% down (average mortgage annual cost): $22,409
8% down (annual total cost of living): $46,856
Salary needed (needs = 50%): $93,712
Is a $100k salary enough? Yes

Arlington, Texas

Population total: 393,469
March 2024 3-bedroom home value: $301,340
Annual average expenditure cost: $24,521.92
8% down (down payment): $24,107
8% down (loan amount): $277,233
8% down (average mortgage monthly cost): $1,861
8% down (average mortgage annual cost): $22,335
8% down (annual total cost of living): $46,857
Salary needed (needs = 50%): $93,713
Is a $100k salary enough? Yes

Tucson, Arizona

Population total: 541,033
March 2024 3-bedroom home value: $328,348
Annual average expenditure cost: $22,799.35
8% down (down payment): $26,268
8% down (loan amount): $302,080
8% down (average mortgage monthly cost): $2,028
8% down (average mortgage annual cost): $24,336
8% down (annual total cost of living): $47,136
Salary needed (needs = 50%): $94,272
Is a $100k salary enough? Yes

Chicago, Illinois

Population total: 2,721,914
March 2024 3-bedroom home value: $310,187
Annual average expenditure cost: $25,700.99
8% down (down payment): $24,815
8% down (loan amount): $285,372
8% down (average mortgage monthly cost): $1,916
8% down (average mortgage annual cost): $22,990
8% down (annual total cost of living): $48,691
Salary needed (needs = 50%): $97,383
Is a $100k salary enough? Yes

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27 Cities Where a 3-Bedroom House Requires More Money Than a $100K Salary

Each of these 27 cities mentioned requires a salary of well over $100K to purchase a three-bedroom home.

Bakersfield, California

Population total: 404,321
March 2024 3-bedroom home value: $352,682
Annual average expenditure cost: $24,825.63
8% down (down payment): $28,215
8% down (loan amount): $324,467
8% down (average mortgage monthly cost): $2,178
8% down (average mortgage annual cost): $26,140
8% down (annual total cost of living): $50,966
Salary needed (needs = 50%): $101,931
Is a $100k salary enough? No

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Charlotte, North Carolina

Population total: 875,045
March 2024 3-bedroom home value: $361,398
Annual average expenditure cost: $24,391.03
8% down (down payment): $28,912
8% down (loan amount): $332,486
8% down (average mortgage monthly cost): $2,232
8% down (average mortgage annual cost): $26,786
8% down (annual total cost of living): $51,177
Salary needed (needs = 50%): $102,354
Is a $100k salary enough? No

Minneapolis, Minnesota

Population total: 426,877
March 2024 3-bedroom home value: $346,274
Annual average expenditure cost: $25,878.22
8% down (down payment): $27,702
8% down (loan amount): $318,572
8% down (average mortgage monthly cost): $2,139
8% down (average mortgage annual cost): $25,665
8% down (annual total cost of living): $51,543
Salary needed (needs = 50%): $103,087
Is a $100k salary enough? No

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Fresno, California

Population total: 541,528
March 2024 3-bedroom home value: $369,760
Annual average expenditure cost: $24,926.44
8% down (down payment): $29,581
8% down (loan amount): $340,179
8% down (average mortgage monthly cost): $2,284
8% down (average mortgage annual cost): $27,406
8% down (annual total cost of living): 541,528
Salary needed (needs = 50%): $104,665
Is a $100k salary enough? No

Raleigh, North Carolina

Population total: 465,517
March 2024 3-bedroom home value: $392,401
Annual average expenditure cost: $24,487.14
8% down (down payment): $31,392
8% down (loan amount): $361,009
8% down (average mortgage monthly cost): $2,424
8% down (average mortgage annual cost): $29,084
8% down (annual total cost of living): $53,571
Salary needed (needs = 50%): $107,142
Is a $100k salary enough? No

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Virginia Beach, Virginia

Population total: 457,900
March 2024 3-bedroom home value: $352,981
Annual average expenditure cost: $27,140.05
8% down (down payment): $28,238
8% down (loan amount): $324,743
8% down (average mortgage monthly cost): $2,180
8% down (average mortgage annual cost): $26,162
8% down (annual total cost of living): $53,302
Salary needed (needs = 50%): $106,605
Is a $100k salary enough? No

Atlanta, Georgia

Population total: 494,838
March 2024 3-bedroom home value: $394,339
Annual average expenditure cost: $24,460.76
8% down (down payment): $31,547
8% down (loan amount): $362,792
8% down (average mortgage monthly cost): $2,436
8% down (average mortgage annual cost): $29,228
8% down (annual total cost of living): $53,688
Salary needed (needs = 50%): $107,377
Is a $100k salary enough? No

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Las Vegas, Nevada

Population total: 644,835
March 2024 3-bedroom home value: $402,830
Annual average expenditure cost: $24,686.44
8% down (down payment): $32,226
8% down (loan amount): $370,603
8% down (average mortgage monthly cost): $2,488
8% down (average mortgage annual cost): $29,857
8% down (annual total cost of living): $54,543
Salary needed (needs = 50%): $109,087
Is a $100k salary enough? No

Phoenix, Arizona

Population total: 1,609,456
March 2024 3-bedroom home value: $420,223
Annual average expenditure cost: $24,081.70
8% down (down payment): $33,618
8% down (loan amount): $386,606
8% down (average mortgage monthly cost): $2,596
8% down (average mortgage annual cost): $31,146
8% down (annual total cost of living): $55,228
Salary needed (needs = 50%): $110,456
Is a $100k salary enough? No

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Mesa, Arizona

Population total: 503,390
March 2024 3-bedroom home value: $426,211
Annual average expenditure cost: $23,977.80
8% down (down payment): $34,097
8% down (loan amount): $392,114
8% down (average mortgage monthly cost): $2,632
8% down (average mortgage annual cost): $31,590
8% down (annual total cost of living): $55,568
Salary needed (needs = 50%): $111,135
Is a $100k salary enough? No

Jonathan Ross / Getty Images/iStockphoto

Nashville, Tennessee

Population total: 684,103
March 2024 3-bedroom home value: $425,219
Annual average expenditure cost: $24,152.59
8% down (down payment): $34,018
8% down (loan amount): $391,201
8% down (average mortgage monthly cost): $2,626
8% down (average mortgage annual cost): $31,516
8% down (annual total cost of living): $55,669
Salary needed (needs = 50%): $111,338
Is a $100k salary enough? No

Jacob Boomsma / Getty Images/iStockphoto

Colorado Springs, Colorado

Population total: 479,612
March 2024 3-bedroom home value: $417,965
Annual average expenditure cost: $24,981.06
8% down (down payment): $33,437
8% down (loan amount): $384,528
8% down (average mortgage monthly cost): $2,582
8% down (average mortgage annual cost): $30,979
8% down (annual total cost of living): $55,960
Salary needed (needs = 50%): $111,919
Is a $100k salary enough? No

Sacramento, California

Population total: 523,600
March 2024 3-bedroom home value: $461,693
Annual average expenditure cost: $26,770.21
8% down (down payment): $36,935
8% down (loan amount): $424,757
8% down (average mortgage monthly cost): $2,852
8% down (average mortgage annual cost): $34,220
8% down (annual total cost of living): $60,990
Salary needed (needs = 50%): $121,980
Is a $100k salary enough? No

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Austin, Texas

Population total: 958,202
March 2024 3-bedroom home value: $506,425
Annual average expenditure cost: $24,633.37
8% down (down payment): $40,514
8% down (loan amount): $465,911
8% down (average mortgage monthly cost): $3,128
8% down (average mortgage annual cost): $37,535
8% down (annual total cost of living): $62,169
Salary needed (needs = 50%): $124,337
Is a $100k salary enough? No

Portland, Oregon

Population total: 646,101
March 2024 3-bedroom home value: $536,334
Annual average expenditure cost: $25,879.81
8% down (down payment): $42,907
8% down (loan amount): $493,428
8% down (average mortgage monthly cost): $3,313
8% down (average mortgage annual cost): $39,752
8% down (annual total cost of living): $65,632
Salary needed (needs = 50%): $131,264
Is a $100k salary enough? No

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Miami, Florida

Population total: 443,665
March 2024 3-bedroom home value: $594,251
Annual average expenditure cost: $24,715.22
8% down (down payment): $47,540
8% down (loan amount): $546,711
8% down (average mortgage monthly cost): $3,670
8% down (average mortgage annual cost): $44,045
8% down (annual total cost of living): $68,760
Salary needed (needs = 50%): $137,520
Is a $100k salary enough? No

Muhammad Zulkifal / Getty Images/iStockphoto

Denver, Colorado

Population total: 710,800
March 2024 3-bedroom home value: $616,470
Annual average expenditure cost: $26,967.12
8% down (down payment): $49,318
8% down (loan amount): $567,152
8% down (average mortgage monthly cost): $3,808
8% down (average mortgage annual cost): $45,691
8% down (annual total cost of living): $72,659
Salary needed (needs = 50%): $145,317
Is a $100k salary enough? No

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District of Columbia (DC)

Population total: 670,587
March 2024 3-bedroom home value: $694,622
Annual average expenditure cost: $30,680.57
8% down (down payment): $55,570
8% down (loan amount): $639,053
8% down (average mortgage monthly cost): $4,290
8% down (average mortgage annual cost): $51,484
8% down (annual total cost of living): $82,165
Salary needed (needs = 50%): $164,329
Is a $100k salary enough? No

Boston, Massachusetts

Population total: 665,945
March 2024 3-bedroom home value: $771,921
Annual average expenditure cost: $29,415.76
8% down (down payment): $61,754
8% down (loan amount): $710,168
8% down (average mortgage monthly cost): $4,768
8% down (average mortgage annual cost): $57,213
8% down (annual total cost of living): $86,629
Salary needed (needs = 50%): $173,258
Is a $100k salary enough? No

New York, New York

Population total: 8,622,467
March 2024 3-bedroom home value: $772,901
Annual average expenditure cost: $32,186.32
8% down (down payment): $61,832
8% down (loan amount): $711,069
8% down (average mortgage monthly cost): $4,774
8% down (average mortgage annual cost): $57,286
8% down (annual total cost of living): $89,472
Salary needed (needs = 50%): $178,944
Is a $100k salary enough? No

Long Beach, California

Population total: 462,293
March 2024 3-bedroom home value: $948,674
Annual average expenditure cost: $26,208.58
8% down (down payment): $75,894
8% down (loan amount): $872,780
8% down (average mortgage monthly cost): $5,859
8% down (average mortgage annual cost): $70,314
8% down (annual total cost of living): $96,522
Salary needed (needs = 50%): $96,522
Is a $100k salary enough? No

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Seattle, Washington

Population total: 734,603
March 2024 3-bedroom home value: $954,891
Annual average expenditure cost: $26,563.48
8% down (down payment): $76,391
8% down (loan amount): $878,500
8% down (average mortgage monthly cost): $5,898
8% down (average mortgage annual cost): $70,775
8% down (annual total cost of living): $97,338
Salary needed (needs = 50%): $194,676
Is a $100k salary enough? No

Los Angeles, California

Population total: 3,881,041
March 2024 3-bedroom home value: $968,769
Annual average expenditure cost: $26,393.29
8% down (down payment): $77,502
8% down (loan amount): $891,268
8% down (average mortgage monthly cost): $5,984
8% down (average mortgage annual cost): $71,803
8% down (annual total cost of living): $98,196
Salary needed (needs = 50%): $196,393
Is a $100k salary enough? No

Oakland, California

Population total: 437,825
March 2024 3-bedroom home value: $951,756
Annual average expenditure cost: $30,282.67
8% down (down payment): $76,141
8% down (loan amount): $875,616
8% down (average mortgage monthly cost): $5,879
8% down (average mortgage annual cost): $70,542
8% down (annual total cost of living): $100,825
Salary needed (needs = 50%): $201,650
Is a $100k salary enough? No

DutcherAerials / Getty Images/iStockphoto

San Diego, California

Population total: 1,383,987
March 2024 3-bedroom home value: $1,049,853
Annual average expenditure cost: $28,404.21
8% down (down payment): $83,988
8% down (loan amount): $965,865
8% down (average mortgage monthly cost): $6,484
8% down (average mortgage annual cost): $77,813
8% down (annual total cost of living): $106,217
Salary needed (needs = 50%): $212,434
Is a $100k salary enough? No

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San Jose, California

Population total: 1,001,176
March 2024 3-bedroom home value: $1,403,342
Annual average expenditure cost: $30,353.32
8% down (down payment): $112,267
8% down (loan amount): $1,291,074
8% down (average mortgage monthly cost): $8,668
8% down (average mortgage annual cost): $104,013
8% down (annual total cost of living): $134,366
Salary needed (needs = 50%): $268,732
Is a $100k salary enough? No

San Francisco, California

Population total: 851,036
March 2024 3-bedroom home value: $1,563,558
Annual average expenditure cost: $31,556.15
8% down (down payment): $125,085
8% down (loan amount): $1,438,473
8% down (average mortgage monthly cost): $9,657
8% down (average mortgage annual cost): $115,888
8% down (annual total cost of living): $147,444
Salary needed (needs = 50%): $294,888
Is a $100k salary enough? No

Methodology: For this study, GOBankingRates analyzed the top major cities in the United States to find out if a salary of $100k is enough to buy a three-bedroom home. First GOBankingRates found the average home value for a three-bedroom home in March 2024 as sourced from the Zillow Home Value Index. Assuming an 8% downpayment, as typical for first time homebuyers, and using the 30-year national fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage for an 8% down payment can be calculated. The process was then repeated for a 19% downpayment, as typical for repeat homebuyers. The average expenditure cost for each city can be calculated using the cost-of-living indexes, as sourced from Sperling’s BestPlaces, and using the national average cost for expenditures for all residents, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey. The average expenditure cost and the average mortgage cost can be used to calculate the annual total cost of living for each city. The top 50 most populated cities in the US by total population, as sourced from the US Census American Community Survey, were kept for this study. Using the 50/30/20 rule that states the needs should be no more than 50% of the household income, the annual total cost of living, representing the needs category, was doubled to find the salary needed. The cities were sorted to show the lowest to highest salary needed. All data was collected on and is up to date as of May 10, 2024.

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This article originally appeared on GOBankingRates.com: 23 Cities Where a $100K Salary Can Buy You a 3-Bedroom House — and 27 Cities Where It Doesn’t