How Much Do You Need to Earn to Buy a House in 27 Major US Cities
Buying a home is a serious financial decision and you need to make sure you can pay for it. If you’re comparing cities, this chart shows how much you need to make in the 27 major cities before you can safely buy a home.
Cost information website How Much analyzed the average selling price of single-family homes in 27 cities and then compared it to the minimum wage required to buy such a home. The wages required are based on housing costs not exceeding 30% of your annual income . Depending on where you live, How Much estimates that you may need to earn between $ 31,000 and $ 148,000 in some areas. Where you live can have a huge impact on your housing costs.
Of course, all of this assumes the average cost of the house (in certain areas of these cities it may cost even more) and does not take into account any other bills you may have. If you have a car loan or credit card debt, you may need even more to keep up with your home payments. There are also non-financial factors to consider before buying a home, such as where you plan to live in the long term or how stable your career is. Check out the source link below for more details on How Much data.
This 3D Map Shows How Much You Must Earn To Buy a Home in 27 Major US Cities | how many