how much does a person need to make to afford a house in california?
March 24, 2008 · Print This Article
Matt A asked:
how much does a person need to make or combined income is needed to be able to afford a house that is around 300-350k
if the person was to start saving up for a home early and had atleast 50k saved up and perfect/near perfect credit?
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how much does a person need to make or combined income is needed to be able to afford a house that is around 300-350k
if the person was to start saving up for a home early and had atleast 50k saved up and perfect/near perfect credit?
Caffeinated Content
Josh Dunaway has been a certfied Realtor in the suburban Chicagoland area for over 20 years. Aside from starting his own real estate company, he also owns a mortgage company as well.
i live in CA and let me tell you something
a lot
almost 800,000 for a 4 bedroom house
In the Bay Area household income has to be around 128k. Crazy!
i live in fontana. for a 2 story home, a little over $100,000 income
If you’re buying a place that costs $350M and you’re putting down $50M, then you could project a total monthly cost of about $2,215 as follows: loan payment of $1,847 (P&I at 6.25% 30-yr fixed on $300M), property tax of $321 (1.1% of purchase price annually), and homeowner’s insurance of about $45.
If you could afford to pay 35% of your income toward your house payment, then you’d have to have about $76,000 in annual income.
The main trouble with this is that while $350M could buy a condo, you’d probably have to spend considerably more than $350M to buy a house. I live in a modest house (3 bed/2 bath ,1540 sf) in San Diego, and my house is worth about $600M. So you’d probably have to either move to a more outlying area, or start with a condo. Good luck to you.