All the things that were taken into account, $ 74,000 a year does not seem to be a bad salary. It is about $ 12,000 more than Average salary In the United States He holds 1800 dollars on rent In most major American cities.
The Americans consider that this amount of money is the “ideal salary”, according to a modern survey of more than 2000 adults Speakers research. This is the average amount. The respondents said that they will need to be happy, and half of the respondents said that the current amount of the money they get is not enough to support their lifestyle, even outside the housing.
While the average amount was 74,000 dollars, this is almost not enough to buy a house in all the United States except for two states: Western Virginia and Louisiana, according to what it mentioned. RealTor.com– Even doubling that the “ideal salary” to $ 148,000 will not get a house in every state.
“Getting the” ideal salary “may still be excessively in providing average price in most state RealTor.comHe said in a statement.
the A new house price In the United States, the costs of more than $ 410,000, and The current house More than $ 422,000 will bring you back, and the American Statistics Office and the National Breed Break Data appear. In states such as California, Huaway, Massachusetts, Colorado and Washington, buyers can We expect to go out More than $ 600,000 to buy a medium price house.
Assuming that you are buying a house for $ 422,000, you put 20 % traditional, and your mortgage rate is about 6.5 %, which means that you may spend approximately $ 2,500 to pay the monthly mortgage. This will be more than a third of the monthly total salary, which is generally frustrated. Most real estate experts warn against spending more than a third of your salary on housing.
But on the assumption of a $ 148,000 salary, the payment of $ 2,500 will not feel arrogant – that is, if you have the ability to get rid of the batch provided and you can even find a house that meets your needs within this price range.
The largest obstacles to us are home buyers
While a lot of housing market conversation focuses on mortgage rates-which continues to hover in the mid-6 % range-a sticky problem remains home prices historically high.
“In fact, home prices are the biggest obstacle,” said Michel Griffiths, a luxurious real estate broker with Douglas Eliman in New York City. luck. “Even if the mortgage rates drop to zero, the truth is that the purchase in the market … still requires a large amount of money in advance. The stock is narrow, and the competition is high, and therefore the cost of the property itself is what keeps most buyers on the margin.”
However, mortgage rates constitute an obstacle for some buyers-especially those who remember 3 % sub-mortgage rates in the era of the epidemic. That is why many current home owners reside in their place and refuse to sell.
“Many home owners are reluctant (to) their homes on the market and abandoning their mortgage rates already have,” according to Warren Buffett Berkshire Hathaway Home services. “For them, the high price gains will not reduce its ability to pay more for another house at much higher interest rates.”
Torsten Släk, Senior Economist Global Administration ApolloWritten on Thursday Note This housing offer is fixed because the current homeowners do not want to sell and enjoy the high mortgage rates. At the same time, the demand slows because the prices of homes and mortgage rates are still relatively high. This can be somewhat good news about home prices.
“The bottom line is that there is a declining pressure on the prices of homes coming from the low demand and the increase in supply,” said Släk.
Although not much, mortgage rates are also heading slightly less over the past few months, mostly flat or slightly declining home.
Improving the ability to withstand housing costs “will likely take a possible time, (but) is no longer the balance of strength as one side as it was during the atobic madness”, ” books Mark Fellang, chief economist of the Financial Services Company, VIRCARECACACACALA. “For those potential buyers waiting for the margin, the housing market has finally started listening.”
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