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:
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%!
If you are considering buying a home, whether it’s your first time or your fifth time, call the Stovall Team today at 714.343.9294! We can help evaluate your ability to do so in today’s market!
BUY AND SELL A HOUSE AT THE SAME TIME!?!
Making the move from one property to another is a necessary step in most homeowner’s lives – if upsizing isn’t inevitable, downsizing surely will be – but it’s not one people are born prepared for. Educated homeowners armed with our expertise and a Stovall Team strategy should be able to find their homes happy new owners while once again filling that role themselves.
In my experience, most people have three main goals when buying and selling a home at the same time:
Our primary goal is to deliver the highest level of service available to each and every one of our clients. We strive to make each of our listings the best they can be. Is now the time for you to make your move? Buying a home while selling a home and trying to close at the same time is difficult in just about any market. It’s not just a matter of logistics and coordination, although that is part of the difficulty. It’s also difficult because to close concurrently, somebody is taking a risk, and often that somebody is the seller of your new home.
The price of any item is determined by the supply of that item, as well as market demand. The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase and are in the market right now! More often than not, multiple buyers are competing with each other to buy a home.
There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years because of a negative equity situation. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to move on and start living the life you desire. Experience matters and the Stovall Team is here to help you. Call me today at 714.343.9294 Visit stovallteam.com
Sources: Micah Stovall, Bloomberg Business Journal, National Association of Realtors