What is the estimated salary I should make to purchase a home worth $200,000 to $250,000 in Florida?

Answer

The rule of thumb is that your total cost for your home (mortgage, homeowners insurance, and property tax) should be no more than 35% of your pre-tax income. The amount of income you would need for a $200,000 to $250,000 home would depend on many variables, such as the amount of the down payment, the interest rate on the mortgage, the cost of insurance, and the tax rate for property tax in the locality in which the house is situated. This applies no matter where the home is located; not just for Florida homes.

You can find mortgage calculators online. You fill in your income, and other financial information, as well as estimates of homeowners insurance and the property tax rate and the calculator, will tell you what price you can afford to pay for a home. Google "What house can I afford," and you should see a few of them.

Updated on April 24, 2018

Original Article:

20 Reasons Not to Move to Florida
By Catherine Giordano
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