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
But how much do you need to be earning to afford a home in town? » RELATED: Should you rent or buy in Atlanta? Metro among top in US to own a home According to mortgage research site HSH.com, an.
Using the general rule of thumb that no more than 30 percent of your income should go toward housing, we then calculated the annual income needed to afford the average mortgage payment in every state.
The living wage shown is the hourly rate that an individual in a household must earn to. We have converted it to an hourly wage for the sake of comparison.
The salary you need to afford the average home in your state (Based on a 30-year mortgage with a 10% down payment). Top 5 Places Where You Need the Lowest Salaries to Afford the Average Home 1. West Virginia: $38,320 for a house worth $149,500
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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.
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. With this rule of thumb in.
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.
What You Need To Earn On A State-By-State Basis. Here is the hourly wage that a household must earn in order to afford the "fair market rent" for a two-bedroom rental unit without having to hand over more than 30 percent of their income. These numbers assume you work for 40 hours a week and 52 weeks a year.