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.
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How much do you reasonably need to be earning to afford a median-priced home in the Seattle-area compared to the rest of the U.S.? This is the salary you need to afford a Seattle-area home | king5.com
The term, "afford" is highly subjective. I’ll give you a mortgage banker’s answer to show you what you can qualify for. There are a couple of important variables int he approval equation: * What is your down payment? * What are your other debt pay.
A similar study from the National Low Income housing coalition determined that in the Arizona, a renter would need to make $17.55 per hour at a full 40-hour-per-week job to afford an average two.
"Well they still can’t afford it. "Some places you would have to save up for nine years to even get the deposit together.".
Here’s The Salary You Need To Earn To Afford These Homes In Singapore.. both HDB and private, to calculate the salary you need to be earning to be able to afford these homes. Source: HDB; URA;. by locking your money in your home, you may be unable to invest your money for your future or.
Even so, you might be lucky enough to live in a state that’s more affordable than the average. For example, in Alaska, residents only need an average annual salary of $75,576.13 to afford their.
At this level, your monthly home payment is consuming 50% of your monthly net take home pay. I would argue that you should use your net monthly pay to calculate what you can safely afford. That is for this couple, they can afford a home with a monthly payment no larger than: $4,870 / 3 = $1,623 per month
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. With this rule of thumb in mind, GOBankingRates looked at home prices and mortgage rates in every state and estimated the minimum salary needed to afford the average home.