How Much Do You Need To Make To Buy A Home In New Mexico
When it comes to buying a home in Albuquerque, the biggest factor in whether or not it’s possible boils down to income. And of course, depending on where you live, income and cost of living can vary drastically. A new study by GOBankingRates endeavored to reveal what the minimum salary would be needed to buy a medium priced home in each state.
The great news is that New Mexico, and by extension Albuquerque, came out as one of the most affordable states to buy a home. GOBankingRates arrived at this conclusion based on the average mortgage payment for each state along with the average APR on a 30-year fixed-rate mortgage. They then assumed that no more than 30% of monthly income would be spent on housing. For New Mexico, that figure came out to only $40,960!
Other neighboring states turned out to be quite a bit higher. You would need to make $55,680 a year to own a home in Nevada. Arizona is higher as well with $50,880. If you bought a home in Colorado, you would need to make at least $73,600. So it really goes to show that if you plan on buying a house in the Southwest, your dollar goes farther in Albuquerque.
GoBankingRates has this advice,
“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.”
Historically, Americans have spent 21% of their income to own a medium priced home. Today that figure is down to 15%! This all demonstrates that now is a great time to own a home in Albuquerque.
If you're looking to buy a home in the Albuquerque area, feel free to contact us to help you find the right home for your budget and income. You can also search for your dream home now using our convenient home search tool. And make sure to follow us on Facebook for the latest real estate updates for Albuquerque and the surrounding areas.
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