It’s no secret that the cost of housing has been on the rise in recent years, making it difficult for many people to afford a place to call home. But what are the most expensive cities in the country when it comes to housing? A new study has taken a look at the top 10 most expensive cities to buy a house in the United States, and the results may surprise you.
How much house you can afford if retired.
In general, you shouldn’t spend more than 30% of your salary on housing expenses, including your mortgage, property taxes, and insurance. If you’re living on a $30,000 annual retirement income, it means your housing expenses shouldn’t cost more than $9,000 a year, or $750 a month.
How much house you can afford 40k salary.
The 36% rule 3.
|Gross earnings||28% of gross monthly income||36% of gross monthly income|
How much house you can afford making 35k a year.
If you’re single and earn $35,000 annually, you can probably only buy a property that costs roughly $105,000.
How much house you can afford 36k a year.
Ranging from $144,000 to $195,000
How much house you can afford making 30k a year.
If you applied the 28% rule, you could manage a $700 monthly mortgage payment with a $30,000 annual salary. Another guideline to follow is your home should cost no more than 2.5 to 3 times your yearly salary, which means if you make $30,000 a year, your maximum budget should be $90,000.