The next question is: how much home can I afford?
It's good advice to only buy a house if you plan on living in it for at least five years.
Since I live in a high property tax state, I'm looking at three times my income for a house price.
So my price will be triple my five-year average income.
| If I buy in... | 2020 | 2021 |
|---|---|---|
| 2020 | ---------- | $43,356.94 |
| 2019 | $32,408.00 | $32,408.00 |
| 2018 | $24,224.00 | $24,224.00 |
| 2017 | $17,349.00 | $17,349.00 |
| 2016 | $16,014.00 | $16,014.00 |
| 2015 | $14,362.00 | ---------- |
| Average | $20,871.40 | $26,670.39 |
| Home Price | $62,614.20 | $80,010.87 |
| 20% Down Payment | $12,522.84 | $16,002.17 |
Note: 2021 income is a prediction based on percentage growth.
This is an idealized table. I'll talk more about down payment and the types of housing in future posts.
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