That’s the average salary needed to afford the average home.
But the average home in Miami or San Francisco is much more expensive than the average home in Wichita. And while prices are inflating everywhere, that does not mean you can’t afford a home without earning that much. The only thing that number tells you is that you need to earn more today than you did ten years ago.
I would talk to a bank about what kind of loan you can qualify for, and assume you can afford about half of that. Because they’ll absolutely lend you more than you can reasonably afford.
That number is very misleading.
That’s the average salary needed to afford the average home.
But the average home in Miami or San Francisco is much more expensive than the average home in Wichita. And while prices are inflating everywhere, that does not mean you can’t afford a home without earning that much. The only thing that number tells you is that you need to earn more today than you did ten years ago.
I would talk to a bank about what kind of loan you can qualify for, and assume you can afford about half of that. Because they’ll absolutely lend you more than you can reasonably afford.
Thanks, you actually accidentally postponed my daily depressive moment in regards to this topic, ha. :)