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2018-04-02 Ideal Salary You Need to Own a Home | By: Fellow GDREIA Members

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Ideal Salary You Need to Own a Home Each State
by Brad Beckett

How much salary does someone need in order to afford the average-price home in each state?  A new study from GOBankingRates reveals that the minimum salary in one state can be vastly different than that of another.  To arrive at their conclusions, GOBankingRates looked at the average monthly mortgage payment for each state along with the average APR on a 30-year fixed-rate mortgage and then assumed no more than 30% of monthly income was devoted to housing.

“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.”

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