The average earner in the highest-paying job group can afford a mortgage on a median-value home in only 30 of the 50 biggest U.S. metros, according to a LendingTree study.
In several areas, like Phoenix, Seattle, Boston, Miami, and Salt Lake City, mortgages remain prohibitively expensive.
People in the highest-paying occupation group in Cleveland, Milwaukee, and Memphis can easily afford a mortgage. In Cleveland, someone in the legal profession could have an extra $1,095 per month to spare. In Milwaukee and Memphis, that surplus is $990 and $973, respectively.
In California’s high-cost metros, like San Jose, San Francisco, and San Diego, major affordability challenges plague even those in the highest-paying job groups. In San Jose, the mortgage payment for a median-value home is $4,115 more than what someone in the computer and mathematical field can comfortably afford. In San Francisco and San Diego, the difference is $2,821 and $2,378, respectively.
The highest-paying occupation groups vary across metros.
- Legal occupations offer the highest median earnings in 19 of the nation’s 50 largest metros
- Architecture and engineering occupations lead in 15 metros
- Computer and mathematical occupations come first in 11 cities
- Law enforcement occupations lead in three metros
- Health diagnosing and treating practitioner occupations top the list in two cities
The 10 least affordable metros for the highest-paying occupation groups are:
- San Jose, CA
- San Francisco, CA
- San Diego, CA
- Los Angeles, CA
- Boston, MA
- Seattle, WA
- Riverside, CA
- Portland, OR
- Denver, CO
- New York, NY
The top 10 most affordable metros for the highest-paying occupation groups are:
- Cleveland, OH
- Milwaukee, WI
- Memphis, TN
- Detroit, MI
- Pittsburgh, PA
- Charlotte, NC
- Kansas City, MO
- New Orleans, LA
- St. Louis, MO
- Richmond, VA
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