Owning a home remains one of the mainstays of the American Dream. It’s still touted as one of those financial goals you should strive for. And many financial experts still recommend homeownership as a way to accumulate wealth for the next generation (i.e., to leave for your kids).
But, can you afford it?
This article looks at what the media home price is in Houston, and gives us what the monthly mortgage payment is as well as your yearly salary:
- Median Home Price: $199,300
- Monthly Mortgage Payment: $1,166.28
- Salary Needed: $49,983
What this means is that a “normal” house costs approximately $200K to buy, with a monthly mortgage payment of $1,166.28 a month. Which means that you have to earn nearly $50K a year to afford it.
I am the only person in my family who isn’t a homeowner; my three siblings all own houses. I’ve promised to buy eventually, so this info is important for my planning process. Now I just need to figure out how much is needed for a down payment … and how long it will take to save that up.
Is homeownership in your future?
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- Source: This Is The Salary You Need To Be A Homeowner In These 20 U.S. Cities | Lifehack