You need a household income of $87,000 a year to buy a median-priced home in the Rochester metropolitan area, which makes it one of the most affordable real estate markets in the country, according to Realtor.com’s April Housing Report, released May 2.
The Rochester market ranks seventh among 16 U.S. metros where prospective buyers don’t have to make $100,000 or more.
The most affordable market is Pittsburgh (required household income of $67,000), followed by Detroit ($69,000) and Cleveland ($71,000).
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The Realtor.com analysis assumes a 20% down payment and takes into account taxes and insurance.
The website puts the Rochester area’s median home price for April at $295,000, meaning half the homes for sale here cost less and the other half cost more. That figure is up 11.4% percent from last year.
The median household income in Monroe County in 2022 dollars is $71,450, according to U.S. census data.
The four metro areas requiring the highest salaries are in California: San Jose ($361,000), Los Angeles ($298,000), San Diego ($259,000) and San Francisco ($256,000).
They are closely followed by the major East Coast hubs of Boston ($226,000) and New York City ($218,000).
Realtor.com data also show that Rochester area homes sell faster than in 49 other metros, spending a median of just 16 days on the market.
Reporter Marcia Greenwood covers general assignments. Send story tips to mgreenwo@rocheste.gannett.com. Follow her on Twitter @MarciaGreenwood.
