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

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Blaze@discuss.tchncs.de
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personalfinance@lemmy.ml
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OnionQuest@lemmy.ml
7 points

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?

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Aquila@sh.itjust.works
9 points

They did it’s at the bottom. 6.37%

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bitsplease@lemmy.ml
3 points

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%

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