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

We developed a living wage calculator to estimate the cost of living in your community or region based on typical expenses.. Search for a state, city, or metro area. they can afford to live based on their income relative to local housing cost.

The state is so expansive, it makes other huge states, such as Texas and. average salaries range from $3,000 to $4,000 per month in large. of the state determine how inexpensively you can rent an apartment or house.

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Your annual salary should be between $150,000 and $225,000 to comfortable afford this home. Because the rule of thumb uses averages for both homeowner’s insurance and real estate taxes you would need to peel the onion back another layer and do more calculations if you were already in that ball park.

See below exactly how much salary you would need to earn in order to afford the principal, interest, taxes and insurance payments on a median-priced home in the 50 most populous metropolitan areas. key takeaways: The latest quarterly update to our "Salary You Need To Buy A Home" series contains both good news and bad news for potential homebuyers.

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 average mortgage payment. IL – While home prices in the San jose metropolitan area fell on an annual basis, it’s still the region where residents need to make the highest salary in the country.

Do you know the average salary to afford a house in your state?

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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The average Massachusetts resident would need to make $33.81 an hour to afford a. not owners. The estimated “housing wage,” or wage needed to afford market rent, varies widely by region of the state.. Registration on or use of this site constitutes acceptance of our User Agreement and Privacy Policy.