Income Needed To Buy A House In Each State
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153 520 for a 610 000 home.
Income needed to buy a house in each state. States in the midwest came out on top as most affordable requiring the smallest salaries in order to buy a median priced home. 120 120 for a house worth. Almost two thirds of the state s households make less than. It s no mystery that cost of living varies drastically depending on where you live so a new study by gobankingrates set out to find out what minimum salary you would need to make in order to buy a median priced home in each of the 50 states and washington d c.
If the map above doesn t make you feel any more optimistic about owning a home check out this map from 2017 of the earnings needed to rent a two bedroom apartment in each state. Money news facebook 0. Below check out the five most affordable and least affordable states to buy a home. Top five places where you need the highest salaries to afford the average home.
4 613 33 although the cost of homes in connecticut is above average it s one of the best states for first time. Here are the states with the highest income figures on the map. 1 384 monthly income needed. 138 440 for a 549 000 home.
Meanwhile over in michigan the least expensive you need to make 40 000. Given that many financial advisors recommend the total cost of housing take up no more than 30 percent of gross income i e. The amount before taxes retirement savings etc the data team used. 138 440 for a house worth 549 000.
Of course the answer to this query will vary according to where you live and the price of the house you wish to buy but there are ways that you can calculate an estimate of what your income should be to buy a house as well as home insurance. 153 520 for a house worth 610 000. Top five states where you need the highest salaries to afford the average home. 120 120 for a house worth 499 900.
138 440 for a house worth 549 000. A household would need to make about 78 000 a year to reasonably afford a home at that price assuming a 20 percent down payment. Using this rule as our benchmark we calculated the minimum salary required to afford the average home in each state.
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