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I am really looking into buying a home that costs $345000, what salary amount do I need to make to afford it?
I wanted to know what I need to make for future goals in order to really live comfortable in the home that I love. Thanks for your help!
It’s has less to do with how much the home costs and more with how much your monthly payments are. Your payment is made up of Principal, Interest, Taxes, and Insurance or PITI. Depending on your financier, this number shouldn’t be more than 36% of your disposable monthly income after all other obligations( car loan, student loan, credit card bill) etc. Simple math and your on your way.
If you lived where I live, your would need about $140,000 in annual income with no other debts. It is higher where I live because the property taxes in NY are out of control.
Search for a budget schedule, fill in the numbers, puke, than decide on a cheaper house!!
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