How Much Do You Need To Make To Buy A Home

Dated: 11/16/2018

Views: 455

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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:

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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!


Free eGuide "Things to Consider When Selling a Home


Free eGuide "Things to Consider When Buying a Home



Whether buying or selling working with an experienced realtor should always be your first step.   

Buying or selling a home is the largest investment most people will ever make, shouldn't you have a professional on your side? 

One who can assess the risk and determine the best plan of action? 

For many years as a risk management specialist for Fortune 500 corporations or today as a real estate professional, Evelyn's commitment to safeguarding her client's best interests is her top priority. She quickly determines what's most important to you and she'll keep you informed at every phase of your move to ensure your goals will be reached.  

Call/text today 561-389-2449


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Evelyn Suarez

Call/text 561-389-2449
Evelyn Suarez has dedicated her professional life to protecting the best interests of her clients. Buying or selling a home is the largest investment most people will ever....

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