How Much Do You Need To Make To Buy A Home In Your State

Dated: 04/18/2018

Views: 3

How Much Do You Need to Make to Buy a Home in Your State? | Keeping Current Matters

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.

States in the Midwest came out on top as most affordable, requiring the smallest salaries in order to buy a median-priced home. States with large metropolitan areas saw a bump in the average salary needed to buy with California, Washington, D.C., and Hawaii edging out all others with the highest salaries required.

Below is a map with the full results of the study:

How Much Do You Need to Make to Buy a Home in Your State? | Keeping Current Matters

GoBankingRates gave this advice to anyone considering a home purchase,

“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.”

As we recently reported, research from Zillow shows that historically, Americans had spent 21% of their income on owning a median-priced home. The latest data from the fourth quarter of 2017 shows that the percentage of income needed today is only 15.7%!

Bottom Line

If you are considering buying a home, whether it’s your first time or your fifth time, consult a local real estate professional who can help evaluate your ability to do so in today’s market!

#finances #mortgage #money #homebuying #houston #realestate #nexthome #realtor #JaredAnthony #iChooseJared

Blog author image

Jared Anthony

As a full time professional real estate agent & former airline pilot, I pride myself on offering superior personal service before, during and after your transaction. Knowledge, commitment, honesty, ex....

Want to Advertise on this Site?

Latest Blog Posts

Did Tax Reform Kill The Luxury Market NOT SO FAR

The new tax code limits the deduction of state and local property taxes, as well as income or sales taxes, to a total of $10,000. When the tax reform legislation was put into law at the beginning of

Read More

Do Not Mess With Texas Its Population Is The Fastest Growing In The US

Texas and its strong business engine seem to be successfully wooing growing numbers of the population to its larger cities such as San Antonio, Dallas, and Fort Worth.According to a recent U.S.

Read More

Why Real Estate Is Everything I Love About Pride Month

Historically, the real estate industry has been — and continues to be — a bellwether for socio-political changeBY ELIZABETH ANN STRIBLING-KIVLANAs June is National Pride Month, I want to take a

Read More

Valero Faces Permit Fight Over Emissions At Houston Refinery

Enlarge San Antonio-based refining company Valero Energy Corp. wants to add hydrogen cyanide to the list of emissions from its Houston refinery. VALERO ENERGY CORP. IN THIS

Read More