By this point , it ’s well - known that AmericanMillennialsare much dull to buy homes than Baby Boomers were at their ages . While certain cultural alteration have impart to this drift — the great unwashed are hold off longer to get married and have nestling , for example — the mostcommon reasonsto uphold renting ad infinitum are financial . In other discussion , it ’s especially grueling to afford a house these days . That said , residents of some states have it well-heeled than others .
According to astudyby The Cost Guys , West Virginians only need to make $ 26,393 a twelvemonth to becomehomeowners — the low-toned of any U.S. state . In general , Appalachia , the Midwest , and the South are good places to live if you have your eye set on pocketing keys to your own tiny kingdom ; in Alabama , Arkansas , Kentucky , Mississippi , and Oklahoma , you could practicably afford a habitation on an yearly pay below $ 40,000 .
If you live in Hawaii , on the other hand , you might terminate up renting for the long run ; that is , unless you earn $ 152,676 per year ( or more ) . Parts of the continental U.S. put up likewise high stats : Californians need to earn at least $ 136,600 to fix up shop , and dweller of Colorado , Washington , New Jersey , Massachusetts , and Washington , D.C. all want more than $ 100,000 .
To arrive up with these figures , The Cost Guys work off the widespread effrontery that about 30 percent of your yearly earnings will go toward your home — which includes mortgage , insurance , holding tax , and down payment — and used medial real estate values from Zillow to calculate how much that portion would amount to .
If you ’re feeling admonish by the high Leontyne Price tag end on homeownership , it ’s deserving notice that there ’s plenty of room for magnetic variation . Maybe you find out a plate lean for much less than your nation ’s medial time value , or maybe you’re able to negotiate a deal for a much smaller down payment than 10 percent ( which is what The Cost Guys used for their analysis ) . There ’s also the possibility that you ’re able to budget a little more than 30 percent of your income toward housing costs .
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