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With home prices on the rise across the US — and incomes lagging far behind — the decision to become a homeowner is nothing short of a serious financial commitment.

While you’ll need to have money saved for a down payment, typically 20% of the purchase price, the biggest cost is recurring monthly payments. That is, your mortgage payment (principal and interest), plus taxes and homeowner’s insurance, all together known as PITI.

While some of these numbers can vary depending on the exact location of a home, mortgage resource HSH.com put together a list of the monthly costs of homeownership in the biggest metros in the US to give buyers an idea of the estimated costs across different markets.

To find the monthly cost of homeownership in these cities, HSH.com gathered data on:

  • Median home prices from the National Association of Realtors’ second-quarter report to determine the monthly mortgage payment. The site assumed a 20% down payment and a 30-year fixed mortgage at an interest rate of 4.11%.
  • Average property taxes from the Census Bureau’s 2015 American Community Survey.
  • Statewide average homeowner insurance premium costs from the Insurance Information Institute.

HSH.com added these numbers together for each metro to arrive at the final monthly cost. It’s important to note that while these figures are a good starting point to gauge affordability of a home, it’s important to factor in easily forgotten and hidden costs as well, like maintenance, closing costs, utilities, and homeowner’s association fees.

Below, check out the cost of owning a home in the 15 largest US metros — ranked from least to most expensive — plus the annual salary you need to earn to qualify for a mortgage.

SEE ALSO: The hidden costs of owning a home in the 16 biggest cities in America

DON’T MISS: The salary you need to earn to buy a home right now in 23 of the most expensive US housing markets

15. Detroit

Total monthly cost (PITI): $983

Median home price: $179,529

Salary needed to buy: $42,110

14. Atlanta

Total monthly cost (PITI): $1,024

Median home price: $204,900

Salary needed to buy: $43,893

13. Phoenix

Total monthly cost (PITI): $1,135

Median home price: $247,300

Salary needed to buy: $48,655

See the rest of the story at Business Insider