Mapped: Median Home Sale Price by U.S. State
Mapped: Median Home Sale Price by U.S. State
Yeah literally nowhere is affordable for a single guy.... I gave up on any hope of owning a home. Guess it's illegal basement apartment after illegal basement apartment for the rest of my life...
But hey, at least I get to pay off someone else's mortgage with the insane rent prices people are asking for while never owning anything of my own!
Yeah literally nowhere is affordable for a single guy…
So taking Iowa as an example:
So total monthly payment (with insurance and taxes ) is $1770 or $21,240/year. The downpayment is needed, of course.
Rule of thumb says your housing shouldn't be more than 28% of your income.
So that would mean $75,857/year income to live comfortably. That would be $36/hour working full time.
That seems doable by a single guy. This is even with a very comfortable percent of only 28% going to housing. If you go to the uncomfortable 50% of income for housing that would bring down the required annual income to $42,480/year or about $20.50/hour.
I can't claim to have looked at every town in every state, but the vast majority of places I go to look don't have work even remotely close to where a house at that price would be located. To make matters worse for my specific situation, I'm "uneducated" and rapidly approaching 40 so my employment prospects are severely limited.
I had also wanted to stay within 5ish hours of family but beggars can't be choosers and all that... I'll have to give Iowa a better look. Thanks for the info!
Surprised by Colorado. Don’t know why