06/09/2022
INCOME NEEDED TO AFFORD HOME BY STATE
A interesting article has appeared showing a map of income needed to afford a new home purchase by state. While the article does give us some interesting information to review, it is important to look deeply.
#1 The income shown is gross household income. Important fact to know when planning a new home purchase
#2 It is an average. So in some states , like New York, where homes in Long Island are $450,000 but upstate NY are $200,000, the income number is not relative to all areas.
#3 It does show a good indicator of those who are moving to another state , which states could be more affordable.
#4 The article uses a factor of 30% of your gross income for housing payments, while qualifying for a mortgage uses 43%
So what does all of this mean? It means that even a working family can afford a home. Yes some states more so then others but Home ownership is available to all.
Call me to review your options. I am licensed in over 20 states and come with 25 years of experience. I truly believe anyone can realize home ownership.
631 578 9120 George Massey NMLS # 977799
Link to entire article: https://www.fatherly.com/life/map-average-cost-house-each-state-us
