Darren Ahearn
Darren Ahearn
240-317-2722240-317-2722

How Much Do You Need to Make to Buy a Home in Your State? – KCM Article

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

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

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? | MyKCM

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!

Leave a Reply

About Darren Ahearn

Picture of Darren Ahearn

Darren Ahearn

darrenahearn@gmail.com

7210 Corporate Court Suite B, Frederick, MD 21703

240-317-2722240-317-2722 main

240 344 1713240 344 1713 office

240 344 1713240 344 1713 mobile

RE/MAX Results

7210 Corporate Ct. Suite B Frederick, MD. 21703

It’s not about the home, It’s about serving you!

Community Events

Pandora Box Questions

Frederick Drinking Thinkers

This is the most popular format for our group meetings: I randomly select the questions from the Pandora Box and we go around the group for each person's response. Topics range from "how do we get the media to give us real news?" to "what's your...

Frederick - Dungeons and Dragons (5e): Tomb of Annihilation

Maryland Tabletop Gaming League

The talk of the streets and taverns has all been about the so-called death curse: a wasting disease afflicting everyone who’s ever been raised from the dead. Victims grow thinner and weaker each day, slowly but steadily sliding toward the death...

Let's go to 2018 Chincoteague Island Pony Swim

Maryland Mountains to Coast Grey Wolves 45+ Singles

Hi Grey Wolves, If you've never seen the running of the ponies here is your chance. The ponies start herding earlier in the week. We can carpool/caravan on Tuesday, July 24 and stay over. Watch the pony run and come back on Wednesday afternoon....