4 Places Where You Can Really Buy a House on a $54,000 Salary
Buying a house is often the largest purchase you will make. It’s also a long-term commitment, with mortgage payments to be made for decades. You could choose to rent and never buy like some people. However, by buying a house, you’ll put your money into an asset that historically has been worth more over time than it cost.
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Numerous experts are saying that most young Americans will never be able to afford a home. So as rents and home prices rise, there’s a growing urgency to get a house before you’re priced out of the market.
With a median weekly full-time salary of $1,145 in the U.S., it’s likely that home prices in some areas are out of reach. However, here are four places where you can really buy a house on a $54,000 salary.
Where You Can Buy a Home on a $54,000 Salary
According to a mortgage calculator, someone with a $54,000 salary can afford a home priced around $144,000. To get a more accurate answer when calculating, use inputs that meet your specific financial situation, such as the amount of your down payment and your monthly debts.
These four states are your best bet for lower-priced homes, according to Forbes:
West Virginia – listings average at $140,000, with a property tax rate of 0.57%
Mississippi – listings average below $145,000, with a property tax rate of 0.79%
Arkansas – listings average just below $150,00, with a property tax rate of 0.61%
Oklahoma – listings average at about $150,000, with a property tax rate of 0.87%
To determine which of these is best for you, take a look at the cost of living in each state to determine how affordable life will be. Also, check out each state’s website to see what the state has to offer.
Additional Ways To Save Money When Buying a Home
Many states require that new home developments include units that are offered at a lower price. Generally, these are some of the townhomes in large developments. Different states refer to these programs by different names, so don’t hesitate to call a broker for some help in locating one that might fit your needs.
Also, the U.S. Dept of Housing and Urban Development (HUD) has special programs for home buyers. If you qualify, you may be able to get much more for your money.
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