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

Overview of Closing Costs When Buying a Home When buying a home, you can comparison shop and negotiate some of the fees to lower your closing costs. And some states, counties and cities offer low-interest loan programs or grants to help.

Salary You Need to Afford the Average Home in Your State

Both reports peg the Midwest as especially affordable, though HSH says you’ll need a slightly higher salary to afford a home than Unison concluded below, no matter where you go. Unison’s number-crunching yielded data on the average home prices in each city and the annual salary needed to purchase a home with both 10 and 20 percent down.

You need to make $515k per annum to afford a million dollar home which you want to use as a primary residence. Working backwards. 1. assuming you put in 20pct, you would put a down payment of $200k. 2. Mortgage payment on a loan of $800k at 3.5 pc.

 · The median home value there is $116,800, while the median listing price is $175,000, way under the national average of $275,000. But what if you want to live in a certified “Fixer Upper” rehab? To get a true gaines original, you might need to shell out a bit more.

As home prices continue to rise in the kansas city area, how much do you need to make to afford a home when factoring in interest, taxes and insurance payments?

The website How Much recently ran a study of the average home prices in every U.S. state, and then calculated how much money you would need to make in a year to afford that home (based on a 30 year mortgage with a 10 percent down payment). Here were there results:

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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To see just where, we asked real estate consulting firm veritas urbis economics to help us calculate the salary you’d need to earn to buy a home in each state, based on recent listing prices from Trulia. We assumed the home buyer put 10% down and took out a 30-year fixed mortgage at a rate of 4.8% – close to today’s national average.

Then, they figure what you need to buy that home. The total sales of homes in California would include foreclosures, cabins, mobile homes, and include all those areas that do have very low cost housing.