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Salary Needed To Buy a Home In The US (reddthat.com)

submitted 1 year ago by Blaze@discuss.tchncs.de to c/personalfinance@lemmy.ml

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[–] OnionQuest@lemmy.ml 7 points 1 year ago (1 children)

They should include the interest rate they are using to calculate the mortgage. Based on what's provided they are assuming around a 6% mortgage which is no longer available. Tack an extra $1,000 monthly payment onto that million dollar home and an extra $40,000 to your income to make it affordable. (Assuming debt/income ratio and income taxes)

Did I miss anything?

[–] Aquila@sh.itjust.works 9 points 1 year ago (1 children)

They did it’s at the bottom. 6.37%

[–] bitsplease@lemmy.ml 3 points 1 year ago

Which, having literally just bought a home, is a supremely optimistic rate to get right now. We spent $10k buying down our interest and only managed 6.9%