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As an example, let’s assume a prospective homebuyer has a gross annual household income of $100,000, monthly debt payments of $500, and a $10,000 down payment.
Here’s where Zillow says buyers can comfortably afford a home in the U.S. and how much income they need to earn each year: Birmingham, Alabama - $74,338 New Orleans, Louisiana - $74,048
A new Zillow report found the typical household needs to make more than $106,000 a year — assuming a 10% down payment and 30% of their income going toward housing. Don't miss
That puts the median annual wage at $59,436, which means you'd need just about twice that income to afford a $500,000 home based on today's mortgage rates and a 20% down payment.
Earning a salary of $100,000 doesn't stretch as far as it once used to. Depending on where you live, it may cover more than half your purchase of a new home -- or the money may only go as far as ...
The Mortgage Research Center’s study revealed that the required income to buy a $400,000 house is $108,000. If you can find one, you may be able to afford a $200,000 home on less than $54,000 ...
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