To afford a $300,000 home, most buyers need an annual income between $75,000 and $95,000. This estimate uses a typical 30-year fixed mortgage with average interest rates and a moderate down payment. The actual income required may vary according to the buyer's debt, credit score, down payment size, and local taxes. Monthly housing expenses should be 28% to 31% of gross income, covering mortgage principal, interest, property taxes, insurance, and any applicable PMI or HOA fees. A higher, smaller down payment would increase monthly costs and the required income.
Most buyers need to earn $75,000 to $95,000 per year to afford a $300,000 home, based on a typical 30-year fixed mortgage, average interest rates, and a moderate down payment.
Most lenders suggest that your monthly housing expenses should fall between 28% and 31% of your gross monthly income, including principal, interest, property taxes, and insurance.
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