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The salary you need to earn to be able to afford a home in 15 major US cities

You need to realize that it costs money to upkeep your home. That is lawn care, roof, plumbing, and other things come up throughout the year. I am simply setting aside $100 a month for this but this can jump radically if you need major service like a roof replacement.

Pct of Income. %. To afford a house that costs $600,000, you’ll need to make $98,211 per year before tax. This assumes a 20% down payment ($120,000), a 30-year mortgage at 4% interest, and spending 28% of your income on your mortgage payment.

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The salary you need to earn to be able to afford a home in 15 major US cities CNBC – Emmie Martin In Columbus, Ohio, you could afford to buy a home on a salary of less than $30,000.

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Calculate how much house you can afford with our home affordability calculator that factors in income, down payment, and more to determine how much home you can afford. If you earn $5,500 a month.

"Buy a house that you know you’re going to be easily able to afford," she tells CNBC Make It . "The big mistake that. is less than 20 percent of the total cost of the home, it’s likely that you’ll.

Using this rule as our benchmark, we calculated the minimum salary required to afford the average home in each state. Top Five Places Where You Need the Highest Salaries to Afford the average home. 1. Hawaii: $153,520 for a house worth $610,000. 2. Washington, DC: $138,440 for a house worth $549,000. 3. California: $120,120 for a house worth $499,900. 4.

Rent or buy: Which is best for you? A minimum-wage worker would have to put in lots of overtime to be able to afford a modest. Even the hourly wage touted by labor activists would not be enough.

Private equity exec sold this Palm Beach home and bought another Buyer Relists Victor Vargas’s South Florida Polo Estate One Week Later A private equity exec who bought the compound from the Venezuelan millionaire last week for $17.1 million is now selling it.

 · If, say, they paid $500 per month in other debt (e.g. car payments, credit cards, or student loans), their monthly mortgage payment would be capped at $2,167. This rule means that if you have a big car payment or a lot of credit card debt, you won’t be able to afford as much in mortgage payments.

Here’s the salary you have to earn to buy a home in 19 major US cities.. and how much you’d have to earn to afford it.. Here’s how much you need to earn to live comfortably in 15 major US.