Mortgage rates have climbed back above 7%. Freddie Mac's Primary Mortgage Market Survey put the average 30-year fixed rate at 7.40% for the week of October 15, 2026, up from 6.27% a year earlier.
Here's what that rate means for the typical home in 30 large US cities. The numbers use the same terms the survey itself is based on: 20% down and a 30-year fixed loan.
Payment and income needed, city by city
| City | Typical list price | Monthly principal and interest | Income for that payment to be 30% |
|---|---|---|---|
| Detroit, MI | $116,000 | $643 | $25,700 |
| Memphis, TN | $176,000 | $975 | $39,000 |
| Philadelphia, PA | $189,000 | $1,047 | $41,900 |
| Milwaukee, WI | $217,000 | $1,202 | $48,100 |
| Indianapolis, IN | $231,000 | $1,280 | $51,200 |
| Tucson, AZ | $252,000 | $1,396 | $55,800 |
| Baltimore, MD | $254,000 | $1,407 | $56,300 |
| Columbus, OH | $268,000 | $1,484 | $59,400 |
| San Antonio, TX | $288,000 | $1,595 | $63,800 |
| Jacksonville, FL | $319,000 | $1,767 | $70,700 |
| Louisville, KY | $333,000 | $1,844 | $73,800 |
| Houston, TX | $347,000 | $1,922 | $76,900 |
| Albuquerque, NM | $384,000 | $2,127 | $85,100 |
| Dallas, TX | $387,000 | $2,144 | $85,700 |
| Phoenix, AZ | $404,000 | $2,238 | $89,500 |
| Charlotte, NC | $437,000 | $2,421 | $96,800 |
| Fresno, CA | $446,000 | $2,470 | $98,800 |
| Nashville, TN | $469,000 | $2,598 | $103,900 |
| Austin, TX | $489,000 | $2,709 | $108,300 |
| Chicago, IL | $493,000 | $2,731 | $109,200 |
| Portland, OR | $495,000 | $2,742 | $109,700 |
| Las Vegas, NV | $502,000 | $2,781 | $111,200 |
| Sacramento, CA | $506,000 | $2,803 | $112,100 |
| Washington, DC | $630,000 | $3,490 | $139,600 |
| Denver, CO | $639,000 | $3,539 | $141,600 |
| Boston, MA | $805,000 | $4,459 | $178,400 |
| Seattle, WA | $820,000 | $4,542 | $181,700 |
| New York, NY | $893,000 | $4,946 | $197,900 |
| San Diego, CA | $907,000 | $5,024 | $201,000 |
| Los Angeles, CA | $973,000 | $5,389 | $215,600 |
How the table is built
- Price: the city's typical list price from RentCast listings as of October 14, 2026.
- Loan: 80% of that price, 30 years, at 7.40%.
- Payment: principal and interest only. Property tax, homeowners insurance, HOA fees, and mortgage insurance are all extra, and they vary too much by address to average honestly.
- Income: the income at which that payment is 30% of gross pay, HUD's line for housing cost burden.
Because taxes and insurance are left out, these are floors. In a city with high property taxes, the real income needed can be well above the table.
What stands out
The cheapest city to buy in isn't the cheapest to rent in. Detroit, MI needs only $25,700 for the mortgage payment on a typical home, yet $49,800 for typical rent. Philadelphia, PA and Memphis, TN look similar. In these cities, the payment on a typical listed home is below typical rent, though the down payment is still the hurdle.
On the coasts, it's the reverse. In Los Angeles, CA, the payment alone needs about $215,600 of income, more than double the $100,200 that typical rent implies. Compare both sides for any city on rent or buy by city.
Down payments are their own wall. Twenty percent of $820,000 in Seattle is $164,000. Putting less down is common, but it adds mortgage insurance; see when PMI goes away.
Prices are moving too
List prices are below last year's in 19 of these cities, which offsets some of the rate rise. The home value forecast by city shows each city's one-year change and where it projects for 2027. To check a specific ZIP, use Predictye Property.
Sources
- Freddie Mac Primary Mortgage Market Survey via FRED (series MORTGAGE30US): 7.40% for the week of October 15, 2026; 6.27% for October 16, 2025. The survey covers conventional, conforming purchase loans with 20% down and excellent credit.
- U.S. Department of Housing and Urban Development, 30% cost-burden definition.
- City figures are RentCast market data for each city's most populous ZIP codes, as of October 14, 2026, counting only ZIP codes with at least 20 active listings. They're averages of ZIP medians, not appraisals.
Don't guess. Just Predictye.