Of course, researchers also noted that within each state there’s a significant variance in home-ownership costs, depending on location. In Colorado, for instance, the map shows that you need to make more than $100,000 dollars a year in order to afford a home.
To do this, some financial experts recommend your housing costs – primarily your mortgage payments – shouldn’t consume more than 30 percent of your monthly income. With this rule of thumb in mind, GOBankingRates looked at home prices and mortgage rates in every state and estimated the minimum salary needed to afford the average home.
Select State. Introduction; National; Atlanta. First slide Introduction. How much salary do you need to earn in order to afford the principal, interest, tax and insurance payments on a median-priced home in your metro area?
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To give you an idea, finance website HowMuch.net recently crunched the housing affordability numbers for each state to ensure you spend your money wisely. salary You Need To Afford A Home In Every.
Even so, you might be lucky enough to live in a state that’s more affordable than the average. For example, in Alaska, residents only need an average annual salary of $75,576.13 to afford their.
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Using the general rule of thumb that no more than 30 percent of your income should go toward housing, we then calculated the annual income needed to afford the average mortgage payment in every state.
Before you buy a home, it’s important to find out if you can afford the monthly mortgage payment. To do this, some financial experts recommend your housing costs – primarily your mortgage payments – shouldn’t consume more than 30 percent of your monthly income. With this rule of thumb in.
See which states have median salaries that top the amount you'd need to. buyer could afford to devote 30% of their salary to housing costs.
Using this rule as our benchmark, we calculated the minimum salary required to afford the average home in each state. Top Five Places Where You Need the Highest Salaries to Afford the Average Home. 1. Hawaii: $153,520 for a house worth $610,000. 2. Washington, DC: $138,440 for a house worth $549,000
Many buyers are purchasing homes with down payments as little as 3%. You may already qualify for a loan, even if you don’t.
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