Apr 18 2018 14025 1

Dated: 04/18/2018

Views: 72

 

How Much Do You Need to Make to Buy a Home in Your State?

How Much Do You Need to Make to Buy a Home in Your State? | MyKCM

It’s no mystery that cost of living varies drastically depending on where you live, so a new study by GOBankingRates set out to find out what minimum salary you would need to make in order to buy a median-priced home in each of the 50 states, and Washington, D.C.

States in the Midwest came out on top as most affordable, requiring the smallest salaries in order to buy a median-priced home. States with large metropolitan areas saw a bump in the average salary needed to buy with California, Washington, D.C., and Hawaii edging out all others with the highest salaries required.

Below is a map with the full results of the study:

How Much Do You Need to Make to Buy a Home in Your State? | MyKCM

GoBankingRates gave this advice to anyone considering a home purchase,

“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 your housing costs — primarily your mortgage payments — shouldn’t consume more than 30 percent of your monthly income.”

As we recently reported, research from Zillow shows that historically, Americans had spent 21% of their income on owning a median-priced home. The latest data from the fourth quarter of 2017 shows that the percentage of income needed today is only 15.7%!

Bottom Line

If you are considering buying a home, whether it’s your first time or your fifth time, let’s get together to evaluate your ability to do so in today’s market!


Blog author image

Richard Hewitt

As a life long resident of St. Clair County, only having moved away long enough to serve honorably in the U.S. Navy, I have the local knowledge to help guide my clients to a great outcome. I bring a t....

Latest Blog Posts

Jul 20 2018 14025 1

 What You Need to Know About the Mortgage Process [INFOGRAPHIC]Some Highlights: Many buyers are purchasing a home with a down payment as little as 3%. You may already qualify for a

Read More

Jul 9 2018 14025 1

 The #1 Reason to List Your House for Sale NOW!If you are debating whether or not to list your house for sale this year, here is the #1 reason not to wait!Buyer Demand Continues to Outpace the

Read More

Why Join Realty Executives

Why Realty Executives?There are a lot of agents right now looking to keep more of their commission in their pocket. Realty Executives was the first 100% commission model company in the(

Read More

Check Out This Great Deal

Buy or Sell with an Executive and use our Moving Truck for FREE!!!!!Exclusively at Realty Executives Home

Read More