![]() ![]() The cost-of-living comparison included the following factors: (1) yearly mortgage by assuming 20% down payment, 30-year fixed loan, current interest rate as sourced from St. Methodology: For this piece GOBankingRates first surveyed monthly living expenses in all 50 states. Jami Farkas and Laura Beck contributed to the reporting for this article. 5 Best Ways To Stay Safer From Identity Theft When You're Online.3 Ways to Recession Proof Your Retirement.Driver's License Scam Could Cost You Thousands: 13 Ways To Protect Yourself.8 Essentials You'll Be Shocked You Can Buy at Dollar Tree.Keep reading to find out what the cost of housing looks like in your home state. With this rule of thumb in mind, GOBankingRates looked at home prices and mortgage rates in every state and estimated the minimum salary needed to afford the average home. For example, you only need to earn about $60,500 in Arkansas to buy an average home, whereas you’d have to earn almost $176,000 to afford one in Hawaii.įor you to own a home, and live comfortably, some financial experts recommend your housing costs - primarily your mortgage payments - shouldn’t consume more than 30% of your monthly income. Depending upon what state you live in, that salary amount can vary quite widely. Visiting a lender to get prequalified for a home loan is one of the first things you should do to learn the amount you might be eligible to borrow and the amount you’d owe each month. Before you shop for a home, it’s important to find out just how much you can afford to pay for your monthly mortgage payment, which is based upon how much income you make. Shopping for a home can be one of the most exciting-and daunting-milestones in your life. ![]()
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