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re: Salary of $115,627 needed in order to qualify for a mortgage on a typical American home
Posted on 10/19/23 at 9:25 am to DarthRebel
Posted on 10/19/23 at 9:25 am to DarthRebel
quote:
Rounded up, since most people like to toss the half million $ out there. That is why I added "~". Average home price is $430,000 right? Close enough. We should probably round down though, and just focus on SEC states
Cool.
So looks like for Kentucky, the average down payment is right at $40k.
Again, median household income in Kentucky is $55k. Not individual but household.
How are those people saving up a $40k down payment?
2
Posted on 10/19/23 at 9:38 am to BluegrassBelle
quote:
Again, median household income in Kentucky is $55k. Not individual but household.
How are those people saving up a $40k down payment?
I would guess some of those are renting. Median household income among homeowners would likely be higher than $55k.
Posted on 10/19/23 at 11:12 am to BluegrassBelle
quote:
Cool.
So looks like for Kentucky, the average down payment is right at $40k.
Again, median household income in Kentucky is $55k. Not individual but household.
How are those people saving up a $40k down payment?
That is a loaded statement. Are you married at $55 vs. single at $55. Kids or no kids? All that is going to impact take home pay and taxes.
I think I was around 6 years from graduation to first home purchased. No kids during that time frame. Apparently, all I needed to do was save $550/month. $55,000 before taxes is $4583/month.
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