Let’s Plan Ahead!
It’s no secret that the cost of living in major metropolitan areas is skyrocketing. In order to afford a decent standard of living, you need to make a good salary. But how much exactly? This interactive map shows how much salary you need to earn in order to buy a two-bedroom home in each state. Keep reading for some insights into the findings and if you decide to buy a home, contact Mortgage Broker Christchurch!
The map reveals a wide range of incomes necessary to purchase a two-bedroom home all across the United States, from the lowest in Arkansas at $29,480 to the highest in California at $129,920. Some states have particularly high median incomes needed for homeownership, such as Hawaii ($111,680), Massachusetts ($106,400), and New Jersey ($99,360).
In general, you need to make more money if you live in an urban area rather than rural. The metropolitan areas with the highest incomes required are San Francisco ($145,600), Los Angeles ($125,440) and New York City ($123,720). On the other hand, some rural areas only require a salary of around $30,000 to buy a two-bedroom home.
When it comes to budgeting for a two-bedroom home purchase, it’s important to consider not only the salary needed but also the cost of living in the state you plan on living in. The map shows that average wages vary significantly from state to state, so if you’re planning on moving across the country, make sure to factor this into your calculations.
Overall, buying a two-bedroom home is an achievable goal—it just requires some careful planning and budgeting! If you’re looking into purchasing a two-bedroom home and want more specific advice tailored to your situation, contact a real estate agent in your area who can help walk you through the process.