Omaha Real Estate: 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?

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 an Omaha 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!

 

Comments

Interesting topic on needed salaries The Trumm Team Omaha Homes for Sale, Real Estate. In Arizona we still have free grants for home buyers with a 640 credit score for downpayment and/or closing cost assistance which helps. It is amazing, where ever one lives how a home is seen differently in the eye of the beholder

Posted by Jeff Masich- Arizona Associate Broker,MBA &GRI, Arizona Homes and Land Group/ Buy or Sell (HomeSmart Real Estate) 4 months ago

Participate