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For anyone who is looking Buying a new home, high mortgage interest rates, high house prices and shrunken housing supply have made the entire process challenging to say the least.

Now, a new analysis from was released on Monday finds that buyers in nearly half of U.S. states need a six-figure household income to afford a median-priced home in their state if they plan to get a mortgage. (The median is the price at which half of the homes for sale in an area are more expensive and half are cheaper.)

As of January 2020, only six states and the District of Columbia required a six-figure income.

Assuming you make a 20% down payment and get a 30-year fixed-rate mortgage at a 52-week average interest rate, this map shows how much household income you need, according to Bankrate’s analysis, to buy the average-priced home in your country to pay. stands.

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Keep in mind that the study only considered the costs of securing a manageable mortgage payment (including principal, interest, property taxes, and title insurance). “Manageable” means it will not exceed 28% of your gross household income. The analysis does not take into account closing costs or the costs you as a homeowner incur after you get the keys to your new home.

It’s also worth noting that the median price of a home in a given state doesn’t necessarily reflect the median price in the part of the state you want to buy.

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