Example Location: 84604 (Provo, Utah)
Annual Household Income: $67,925 (Forbe’s Median Household Income of Provo)
Monthly Spending: $1,000
Loan Type: 30-Year Fixed
Annual Property Tax for Provo is 1.75%
Recommended Price: $127,066
Recommended Max Price: $195,200
That buys you a trailer home. In Provo, the median home price is $303,300.
Try it yourself at: How Much House Can I Afford?
I agree that men shouldn’t be paid more than women for the same jobs and countries are free to make such a law but does enforcing such a law violate an employers liberty to freely determine pay?
How many first-time home buyers make $75k? That’s a starting salary for an engineering graduate from a good university.
According to this PennyMac Home-Buying Guide:
If you’re in the market for a home, the first thing you should do is figure out how much you can afford.
Here are two down-and-dirty formulas you can use to get a quick ballpark number:
1) Multiply your annual salary by 2.5. For instance, a family with a household income of $75,000 could afford to purchase a home for up to approximately $187,500. Of course, this figure will vary based on factors that include how much money you can put down and your current debt.
2) Multiply your monthly gross income by 31%. If you make $7,000 a month ($84,000 annual salary),then your total maximum monthly payment would be $2,170*. This includes mortgage principle, interest, taxes, and insurance.
Salaries of the Rich and Wealthy
Federal Reserve Shareholders (aka global elite?): Unknown but the Fed owns 4.5 trillion in assets so the shareholders’ wealth makes even the top 1% look poor.
Top 1%: $423,090
Top 10%: $157,479
Notice these numbers are flawed if the top 10% includes the top 1%.
If salaries were grades then even 100k means you’re a B student.