It’s no mystery that cost of living in Maryland and Baltimore varies drastically depending on what community you live, so a new study by GOBankingRates set out to find out what minimum salary you would need to make in order to buy a median-priced home in each of the 50 states including Maryland and Washington, D.C.
States in the Midwest came out on top as most affordable, requiring the smallest salaries in order to buy a median-priced home. States with large metropolitan areas saw a bump in the average salary needed to buy with California, Washington, D.C., and Hawaii edging out all others with the highest salaries required.
Below is a map with the full results of the study: What do you need to make to buy a home? Search by state
GoBankingRates gave this advice to anyone considering a home purchase,
“Before you buy a home in Maryland, it’s important to find out if you can afford the monthly mortgage payment. To do this, some financial experts recommend your housing costs — primarily your mortgage payments — shouldn’t consume more than 30 percent of your monthly income.”
As we recently reported, research from Zillow shows that historically, Americans had spent 21% of their income on owning a median-priced home. The latest data from the fourth quarter of 2017 shows that the percentage of income needed today is only 15.7%!
Bottom Line. If you are considering buying a home in Maryland, Harford County, Baltimore County or City, whether it’s your first time or your fifth time, let’s get together to evaluate your ability to do so in today’s market! Fill out our CONTACT FORM Today and we will contact you to get started with a ONE-ON-ONE Consultation that is FREE! or Call us, Robert McArtor with Maryland Homes Team, Inc. of RE/MAX Components at 443-885-0875 www.MarylandHomesTeam.com and begin your home search experience NOW!
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