What Income Do I Need To Afford A $350K House? | Bankrate
The median home sale price as of September is $394,300, according to the National Association of Realtors. But median means half sold for more, and half for less — there are plenty of homes around the country that are selling for around $350,000.How much do you need to earn to pay for a home that’s $350,000, though? That will depend on a number of factors, including the amount of your down payment and the interest rate of your mortgage. Here’s how to find out the income needed for a $350K house.Income to afford a $350K houseTo figure out how much you need to earn for a $350,000 home purchase, start with the 28/36 rule. This guideline states that you shouldn’t spend more than 28 percent of your gross monthly income on housing costs, and that you shouldn’t spend more than 36 percent on all of your debt combined, including housing.Bankrate’s mortgage calculator can help you figure out how a $350,000 purchase breaks down. Assuming a 20 percent down payment on a 30-year mortgage at a 7.5 pe...