You are using an older browser version. Please use a supported version for the best MSN experience.

This Is the Salary You Need To Afford the Average Home in Your State

GOBankingRates Logo By Lia Sestric of GOBankingRates | Slide 1 of 51: Before you buy a home, it's important to find out if you can afford the monthly mortgage payment. Read: Tips To Get Your Mortgage Payments as Low as Possible See: 32 Insider Tips for Buying and Selling a House  To do this, some financial experts recommend your housing costs -- primarily your mortgage payments -- shouldn't consume more than 30% of your monthly income. With this rule of thumb in mind, GOBankingRates looked at home prices and mortgage rates in every state and estimated the minimum salary needed to afford the average home. Last updated: Oct. 12, 2021

Before you buy a home, it's important to find out if you can afford the monthly mortgage payment.

Read: Tips To Get Your Mortgage Payments as Low as Possible
See: 32 Insider Tips for Buying and Selling a House

To do this, some financial experts recommend your housing costs -- primarily your mortgage payments -- shouldn't consume more than 30% of your monthly income. With this rule of thumb in mind, GOBankingRates looked at home prices and mortgage rates in every state and estimated the minimum salary needed to afford the average home.

Last updated: Oct. 12, 2021

© Drazen_ / Getty Images

More from GOBankingRates

GOBankingRates
GOBankingRates
Loading...

XD Load Error

AdChoices
image beaconimage beaconimage beacon