Using this rule as our benchmark, we calculated the minimum salary required to afford the average home in each state. Top Five Places Where You Need the Highest Salaries to Afford the Average Home. 1. Hawaii: $153,520 for a house worth 0,000. 2. Washington, DC: $138,440 for a house worth $549,000. 3. california: 0,120 for a house worth 9,900. 4.
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.
Home Buying 101: Florida Down payment assistance programs Since buyers who participate in these down payment assistance programs must qualify for a home loan, the credit guidelines for the programs are the same as lender guidelines for the specific loan program such as conventional or FHA financing. All programs require borrowers to attend a HUD-approved homeownership education course, says Powers.
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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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?
GoBankingRates recently revealed the salary renters need to afford rent for a median-priced, single-family home in every US state. In some states, renters need to earn as much as $100,000.
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Salary You Need to Afford the Average Home in Your State
The rent is too damn high, and so are the mortgages. HowMuch put together this graphic showing the salary you’d need to afford the average home price in every state, and it’s a good argument for not moving to perpetually-short-on-affordable-housing Hawaii ($153,520, average home price of $610,000) or California ($120,120, average home price of $499,900):
In addition to your income, lenders will also want to know your existing. This rule states that “a household should spend a maximum of 28. Right now the average for a 30-year, fixed rate mortgage is 4.82%.