Report: Denver among top 10 least affordable cities to buy a home; annual salary needed $59,892

Most affordable: Cleveland; Least: San Francisco

DENVER - A new report has found that Denver ranks among the top 10 least affordable metropolitan areas in the nation to buy a home.

According to numbers released this week by real estate research company HSH.com, the annual salary required to afford a median-priced home in the Denver area is $59,892.

The report -- which ranked 27 metro areas -- considers the salary it would take to afford the principal, interest, taxes and insurance on a home.

HSH.com found that the median home price in Denver was $288,400, a 10 percent increase over last year. The median monthly payment was $1,397.49, and the median mortgage rate was 4.53 percent.

The most affordable city on the list was Cleveland, at $29,788. Rounding out the top five were Pittsburgh ($30,177), St. Louis ($31,275), Cincinnati ($31,850) and Detroit ($32,250).

The five most expensive cities were listed as Boston ($79,820), Los Angeles ($85,964), New York City ($89,788), San Diego ($98,534) and San Francisco ($137,129).

Pacific Northwest cities Portland and Seattle came in 20th and 21st respectively. Portland required a $60,307 salary, while Seattle needed a $73,851.

To read the full report, click here.

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