Here’s what your salary should be to afford an average Arizona home
Apr 7, 2018, 1:05 PM | Updated: May 8, 2018, 9:14 am
Whether you were born in America or came to this country searching for a better future, the American dream for most is owning a house.
The process of owning a house can be intimidating and most of all expensive, but just how expensive you ask?
A new study by HowMuch.com shows just how expensive it is to buy an average house in every state in the country.
According to the study, it takes a salary of $67,280 to buy an average-priced house in Arizona.
The study takes into account a down payment of 10 percent and expects homeowners to spend 30 percent of their annual income on their mortgage.
Calculations using the Zillow mortgage calculator helped to determine the figures in the study.
Hawaii and West Virginia were the most and least expensive states to live in, respectively.
To live in an average-sized house in Hawaii, one would have to make an average salary of $153,520 per year. In West Virginia the average salary requirement is just $38,320 to own an average sized house.
A similar study from the National Low Income Housing Coalition determined that in the Arizona, a renter would need to make $17.55 per hour at a full 40-hour-per-week job to afford an average two bedroom apartment.