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.
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
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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: ,320 for a house worth $149,500. 2. ohio: ,400 for a house worth $149,900. 3. Michigan: $40,800 for a house worth $160,000.
. is how well you manage your money. If you’re earning a higher-than-average salary but you’re not setting aside enough for retirement, you’re no more prepared than someone earning less each year.
To afford a $400,000 house, for example, you need about $55,600 in cash if you put 10%. With a 4.25% 30-year mortgage, your monthly income should be at least. and the employer states on the written verification-of-employment form that.
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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.
A smiling woman walks around New York City.. Below, check out the income you need to afford a home in 11 major U.S.. Salary required with a 20% down payment: $42,763; Median home price:. Jacksonville, Florida.
Even so, you might be lucky enough to live in a state that’s more affordable than the average. For example, in Alaska, residents only need an average annual salary of $75,576.13 to afford their.
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Top 5 Places Where You Need the Lowest Salaries to Afford the Average Home 1. West Virginia: $38,320 for a house worth $149,500 2. Ohio: $38,400 for a house worth $149,900 3. Michigan: $40,800 for a house worth $160,000 4. Arkansas: $41,040 for a house worth $161,000 5. Missouri: $42,200 for a house worth $165,900 Top 5 Places Where You Need the Highest Salaries to Afford the Average Home 1.
And you’ll need a huge salary to afford an average home in these American states. HowMuch crunched the numbers and came up with a definitive list based on putting 10% down and choosing a 30-year.
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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