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

The term, "afford" is highly subjective. I’ll give you a mortgage banker’s answer to show you what you can qualify for. There are a couple of important variables int he approval equation: * What is your down payment? * What are your other debt pay.

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How Much calculated the salary you need to afford the average home in each. for homeowners, followed by California with a minimum salary of $120,120.

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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.

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Financial website How Much used data from real-estate site Zillow to collect average home prices for every state to find the minimum. here are the top five states where you need to make almost or.

This is how much money you need to make to afford rent in every state. just to afford rent for what each market considers an average home," said HowMuch.net’s Raul Amoros.. The state’s.

To afford an average house there, which goes for $610,000, you need to bring home an annual income of at least $153,520. Washington D.C., where you need to make $138,440 or more, is the second most expensive location for homeowners, followed by California with a minimum salary of $120,120.

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At Michigan State University. said. “You’re not less than. You can do the work. You just need the opportunity. But once.

Given that many financial advisors say you should invest a maximum of 30% of your gross income into a home, the website used this benchmark to calculate the minimum salary needed to afford a.

This is how much money you need to make to afford rent in every state. to afford rent for what each market considers an average home," said HowMuch.net’s Raul Amoros.. a $350,000 salary.