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You need to earn more than $50K to afford an average house in Twin Cities

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If you want to buy an average-priced property in the Twin Cities, you'll need to earn more than $50,000 to comfortably afford the mortgage payments.

That's according to a study by HSH.com, which looked at median house prices in 27 metro areas around the country and figured out how much salary you need to afford it.

The Twin Cities metro – referred to as "Minneapolis" in the study – had a median home price of $242,400 in the second quarter of 2016, according to National Association of Realtors data.

To buy a house for that much, HSH says you would need an annual salary of $51,793.

The mortgage company says this figure was arrived at using the following stipulations: The buyer puts down 20 percent (about $48,480) as a downpayment, so they don't have to pay for private mortgage insurance; they take on a 30-year mortgage with a FICO score above 720; and the monthly mortgage cost doesn't exceed 28 percent of their monthly salary.

It means an average-priced house should be within reach for many Twin Cities residents, as according to the most recent figures the median household income was $69,111, according to L&E Research.

Zillow estimates the average home price in the Twin Cities to be lower than HSH, with the median sale price at $238,995 as of the end of June, which it believes to be about $11,000 more than these homes are actually valued at.

And of course there is variation depending on where in the metro area you live. Zillow has the median house value in Plymouth currently pegged at $300,000, whereas in Minneapolis it's $206,700 and in St. Paul it's $171,000.

This heat map from Trulia shows where the most and least expensive houses are sold across the metro.

Only move to San Fran if you're loaded

The cost of housing in the Twin Cities pales in comparison to the country's most expensive cities.

San Francisco, home of the billionaire tech hub of Palo Alto, has seen property prices rise so much that a salary of almost $162,000 would be needed to buy an average priced house.

This puts it well ahead of the next most expensive place, San Diego, at $109,440, followed by Los Angeles, Boston and New York City.

The median house price in San Francisco in the second quarter of 2016 was a whopping $885,600.

Here's the full data used by HSH.

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