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To purchase a $300K house, you may need to make **between $50,000 and $74,500 a year**. This is a rule of thumb, and the specific salary will vary depending on your credit score, debt-to-income ratio, the type of home loan, loan term, and mortgage rate.

If the home price is $300,000, that's **$15,000 to $45,000**. Loans through the Federal Housing Administration require down payments of at least 3.5%. That's $10,500 on a $300,000 home.

On a $300,000 mortgage with a 3% APR, you'd pay **$2,071.74 per month on a 15-year loan** and $1,264.81 on a 30-year loan, not including escrow. Escrow costs vary depending on your home's location, insurer, and other details. Credible is here to help with your pre-approval.

While buyers may still need to pay down debt, save up cash and qualify for a mortgage, the bottom line is that **buying a home on a middle-class salary is still possible — in some places**. Below, check out 15 cities where you can become a homeowner while earning $40,000 a year or less.

How Much Income Do I Need for a 350k Mortgage? You need to make **$129,511 a year** to afford a 350k mortgage. We base the income you need on a 350k mortgage on a payment that is 24% of your monthly income. In your case, your monthly income should be about $10,793.

The usual rule of thumb is that you can afford a mortgage two to 2.5 times your annual income. That's a **$120,000 to $150,000** mortgage at $60,000.

Based on a standard work week of 40 hours, a full-time employee works 2,080 hours per year (40 hours a week x 52 weeks a year). So if an employee earns $40,000 annually working 40 hours a week, they make about **$19.23 an hour** (40,000 divided by 2,080).

If you were to use the 28% rule, you could afford a **monthly mortgage payment of $700 a month** on a yearly income of $30,000. Another guideline to follow is your home should cost no more than 2.5 to 3 times your yearly salary, which means if you make $30,000 a year, your maximum budget should be $90,000.

Monthly payments on a $300,000 mortgage

At a 4% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total **$1,432.25 a month**, while a 15-year might cost $2,219.06 a month.

- Create A Monthly Budget. ...
- Purchase A Home You Can Afford. ...
- Put Down A Large Down Payment. ...
- Downsize To A Smaller Home. ...
- Pay Off Your Other Debts First. ...
- Live Off Less Than You Make (live on 50% of income) ...
- Decide If A Refinance Is Right For You.

What income is required for a 200k mortgage? To be approved for a $200,000 mortgage with a minimum down payment of 3.5 percent, you will need an approximate income of **$62,000 annually**. (This is an estimated example.)

Buying a rental property with only a $20,000 down payment may sound impossible, but **it can be very doable**. On Roofstock there are single-family and small multifamily investment properties available that require an initial investment (i.e., down payment + closing costs + immediate repair costs) of $20,000 or less.

First-time home buyer down payments start at 3%

So realistically, most first-time home buyers need at least 3% down for a conventional loan or 3.5% for an FHA loan. That means for a first-time home buyer down payment, you'd need to save around **$10,500 to $12,250** to buy a $350,000 home.

According to Brown, you should spend **between 28% to 36% of your take-home income** on your housing payment. If you make $70,000 a year, your monthly take-home pay, including tax deductions, will be approximately $4,530.

If you're single and make $35,000 a year, then **you can probably afford only about a $105,000 home**. But you almost certainly can't buy a home that cheap. Single people have a tough time buying homes unless they make an above-average salary. Marriage allows a couple to combine their incomes to better afford a home.

For the couple making $80,000 per year, **the Rule of 28 limits their monthly mortgage payments to $1,866**. Ideally, you have a down payment of at least 10%, and up to 20%, of your future home's purchase price. Add that amount to your maximum mortgage amount, and you have a good idea of the most you can spend on a home.

You can afford a **$225,000 house**.

If you make $80,000 per year, your hourly salary would be **$41.03**. This result is obtained by multiplying your base salary by the amount of hours, week, and months you work in a year, assuming you work 37.5 hours a week.

The average salary for entry-level positions in the United States is **$40,153 per year**. Though this is the average base salary, the numbers range from as low as $26,000 to as high as $56,000 for some geographical locations and entry-level positions.

This means a single person needs to make **at least $66,434 after taxes** to live comfortably. After their basic living expenses are covered, an individual could spend $19,930 on wants and set $13,287 aside for savings or debt paydown.

I make $85,000 a year. How much house can I afford? You can afford a **$255,000 house**.

When figuring out how much $60,000 a year per hour, you just need to divide your total salary by the number of hours you work. In this case, the answer is **$28.85 an hour**, more than four times the federal minimum wage in 2021. Here's the breakdown: You are earning $28.85 per hour.

According to the Bureau of Labor Statistics, a 60k annual income is the median US income. This means that half of all workers in the US make more than 60k per year, and half make less. However, **60k per year is generally considered to be a good salary**.