Before you buy a home, it’s important to find out if you can afford the monthly mortgage payment.
To do this, some financial experts recommend your housing costs — primarily your mortgage payments — shouldn’t consume more than 30 percent of your monthly income. With this rule of thumb in mind, GOBankingRates estimated the minimum salary needed to afford the average home in every state based on home prices and mortgage rates in each one.
Click through to see the minimum salary needed to own a home in your state.
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