This Is the Salary You Need to Afford the Average Home in Your State

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The salary you need to afford the average home in your state (Based on a 30-year mortgage with a 10% down payment). Top 5 Places Where You Need the Lowest Salaries to Afford the average home 1. west Virginia: $38,320 for a house worth 9,500

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How much do you need to make annually to afford a 700k house? Interesting number because that is what the median house price is in Seattle Washington these days. This is what I consider safe and I am conservative. You can finance 3 times your annu.

Questions of quality aside, most would not be eligible for the chinese state system. although it is still much lower than.

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To see just where, we asked real estate consulting firm Veritas Urbis Economics to help us calculate the salary you’d need to earn to buy a home in each state, based on recent listing prices from Trulia. We assumed the home buyer put 10% down and took out a 30-year fixed mortgage at a rate of 4.8% – close to today’s national average.

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.

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

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What’s the Salary You Need to Afford a House in Your State? There are many financial factors to consider when you’re choosing a home. The down payment, closing costs, property taxes, insurance – the list goes on.. This Is the Salary You Need to Afford the Average Home in Your State.

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.

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