Luxury Valley Homes Arizona Real Estate Blog: April 2018

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

Buy a Home In Your State - 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? | Simplifying The Market

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!


You might also enjoy reading...

 

Rising Prices - Over the next five years, home prices are expected to appreciate, on average, by 3.6% per year and to grow by 18.2% cumulatively, according to Pulsenomics’ most recent Home Price Expectation Survey. So, what does this mean for homeowners and their equity position? As an example, let’s assume a young couple purchased and closed on a [...]

 

Learn more about the Luxury Valley Homes team.

 

Comment balloon 0 commentsJane & Jeff Daley, PhD • April 18 2018 08:22PM
Buy a Home in Your State | How Much Do You Need?
share
Buy a Home In Your State - 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… more
Rising Prices Help You Build Your Family’s Wealth | LVH
share
Rising Prices - Over the next five years, home prices are expected to appreciate, on average, by 3. 6% per year and to grow by 18. 2% cumulatively, according to Pulsenomics’ most recent Home Price Expectation Survey. So, what does this mean for… more
Getting Pre-Approved Should Always Be Your First Step
share
Getting Pre-Approved - In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the number of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One… more
Sonoran Springs 4 Bedroom Home Mesa, Arizona 85212 | LVH
share
Sonoran Springs Area - Search current inventory of 4 bedrooms 2+ bath homes Mesa AZ 85212 Listing Details Sonoran Springs 4 Bedroom Home Mesa 85212 7659 E Pampa Ave., Mesa, AZ 85212 Price: $359, 995 MLS number: 5747400 Bedrooms: 4 Bathrooms: 2… more