13 States Where You Can Buy a House on a $50K Salary or Less
By Virginia Anderson,
2024-08-23
In June 2020, the median sales price of homes in the U.S. was $317,100. Fast-forward just four years, and the median home sales price is now $412,300 — a massive 30% jump in value.
Unfortunately, wages aren’t growing quickly enough to keep up with home price increases. In June 2020, the average full-time worker earned $1,008 weekly. Today’s full-time employees earn an average of $1,151 weekly — a rise of 14.2%. The increase in house prices outpaces earnings, making it harder for many to afford a home, especially first-time homebuyers who don’t already have equity in an existing house or a sizable down payment to offer.
High interest rates aren’t helping, either. Current interest rates for a 30-year mortgage average 6.49%, compared with 2.99% in July 2020. That drives up monthly mortgage payments even further, making borrowing much more expensive.
However, the housing market isn’t all bad news for homebuyers. In some states, you may still be able to afford a home, even if your household income is $50,000 or less. States with affordable housing also generally have a lower cost of living, so groceries, utilities and transportation costs may be within your budget.
Places no one wants to be … crime, drugs, unemployment. These are the places that gets bulldozed when economic competence returns when Dems are flushed. The third world country the Dems are creating in the US must stop.
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