Phoenix is 8th most affordable metro area for homebuyers

A buyer needs to earn less than $42,000 to purchase a house in metro Phoenix. That makes the region the 8th most affordable metro area in the U.S.

A new survey from national mortgage research firm HSH.com tracks the salary needed to buy a house in the U.S.'s 27 largest metro areas. Cleveland is the most affordable big city with an annual income of $29,788 needed to afford a house. In the Valley, buyers need to earn $41,308 a year. San Francisco home buyers must make $137,129.

The ranking is based on median home prices, average interest rates and property taxes.