There was a questionable article written with that number not long ago. It’s completely bullshit though.
I’ll use my own experience as an example: I got approved for a mortgage of 125k (which is fairly low for my area, but there are still options) with the understanding that I’d be getting a house with a few issues that I can work on. My 30 year mortgage rate if I had managed to buy a house at that time would have been around 700 a month. If you double those numbers to 250k, 1400 a month and you earn 4x that amount your annual salary needs to be just under 70k.
Just for reference, there are a significant number of homes for sale for 250k or less, and I live in one of the top 10 most populated cities in the country.
There was a questionable article written with that number not long ago. It’s completely bullshit though.
I’ll use my own experience as an example: I got approved for a mortgage of 125k (which is fairly low for my area, but there are still options) with the understanding that I’d be getting a house with a few issues that I can work on. My 30 year mortgage rate if I had managed to buy a house at that time would have been around 700 a month. If you double those numbers to 250k, 1400 a month and you earn 4x that amount your annual salary needs to be just under 70k.
Just for reference, there are a significant number of homes for sale for 250k or less, and I live in one of the top 10 most populated cities in the country.