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.
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Irrespective of the amount, individuals need a monthly paycheck because most are incapable. The (Salem) Statesman Journal reported in April that the average state employee salary was approximately.
In a number of cities in America, you’ll need to earn well over the U.S. median income to afford an average home. The average American needs to make a little over $51,000 a year to afford the.
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In San Jose, the required salary is nearly five times the national – $221,363.63 – because a home usually costs around $1.18 million. If you want to make your money stretch, San Antonio is a.
Your home-buying money won’t go in New York, as the annual salary required to own a home in the state is $63,360. As for the median home price, you’ll spend about $345,000. Can You Afford It?
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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. 2. Ohio: $38,400 for a house worth $149,900. 3. Michigan: $40,800 for a house worth 0,000.
You’ll typically need a salary of at least $54,480 to afford the average home in North Dakota. Ohio: $28,800. Monthly mortgage payment: $720. Monthly income needed: $2,400
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.