How Much Money Do You Have to Make to Own a Home in New Jersey?
It's the American Dream, right? Owning your own home. But how much money do you need to make in order to afford a house of your own in New Jersey?
HowMuch.net figured out just how much money one needs to earn in order to afford a house in 27 major U.S. cities.
According to pricing data collected by the National Association of Realtors, a single family home in the U.S. will cost you approximately $223,900 as of 2015 median estimates. The median sales price of existing single-family homes in the U.S. has increased steadily since 2013 ($197,400) and 2014 ($208,900).
They did not include New Jersey directly, however, I averaged the salaries needed from Washington D.C. ($78,626), Philadelphia ($51,622) and New York ($86,770)... According to my unscientific research... the average salary needed to buy a home in New Jersey is $72,339.
That's a lot of $$$.
But still not as much as the West Coast... San Fransisco's population needs to earn at least $147,996 in order to afford a home!
We're lucky compared to that!