By Tim Manni

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How much salary do you need to earn in order to afford the principal and interest payments on a median-priced home in your metro area?

To find out, HSH.com took the National Association of Realtors’ 2015 first-quarter data for median-home prices and HSH.com’s 2015 first-quarter average interest rate for 30-year, fixed-rate mortgages to determine how much of your salary it would take to afford the base cost of owning a home -- the principal, interest, taxes and insurance -- in 27 metro areas.

We used standard 28 percent "front-end" debt ratios and a 20 percent down payment subtracted from the NAR’s median-home-price data to arrive at our figures. We've incorporated available information on property taxes and homeowner’s insurance costs to more accurately reflect the income needed in a given market. Read more about the methodology and inputs on the final slide of this slideshow.

The first quarter was a soft period for the economy which helped mortgage rates fall in all 27 metros. While home prices rose sharply in the majority of metro areas across the country due to high demand and low inventory, there was an even split on our list of the metros that experienced price increases and price declines.

"Sales activity to start the year was notably higher than a year ago, as steady hiring and low interest rates encouraged more buyers to enter the market," said Lawrence Yun, NAR chief economist. "However, stronger demand without increasing supply led to faster price growth in many markets."

On a national scale, with 20 percent down, a buyer would need to earn a salary of $47,253.07 to afford the median-priced home. However, it’s possible to buy a home with less than a 20 percent down payment. Of course, the larger loan amount when financing 90 percent of the property price, plus the need for Private Mortgage Insurance (PMI), raises the income needed considerably. In the national example above, a purchase of a median-priced home with only a 10 percent down payment (and including the cost of PMI) increases the income needed to $54,341.84 – just over $7,000 more.

Here’s a current look at how much salary you would need to earn in order to afford the principal, interest, taxes and insurance payments on a median-priced home in your metro area.