Cost of living and mortgages by state

Let’s take a closer look at cost of living and mortgages by state. Have you ever thought about moving to another state or region?  Have you had to relocate due to a job offer or family needs?  One of the factors that will need to be considered is the cost of living in that area.  First, it is very true that different areas cost either more or even less than others.  Some of the reasons for the differences can be real estate, income and sales taxes, cost of energy, amount of commerce and public education institutions.


GoBankingRates has this advice when considering a home purchase,“Before you buy a home, it’s important to find out if you can afford the monthly mortgage payment. To do this, some financial experts recommend your housing costs — primarily your mortgage payments — shouldn’t consume more than 30 percent of your monthly income.” 

The first step in the financing of your next home is to obtain a pre-approval from a loan officer or bank representative.  This process will also let you know how much of a home loan you will qualify for, and the terms of that loan. During this process they will use predetermined ratios to fit you into the best loan program for your needs.

Cost of living

A new study by GOBankingRates set out to find out what minimum salary you would need to make in order to buy a median-priced home in each of the 50 states, and Washington, D.C. It seems that with the exception of Colorado, the East and the Western coats seem to have a higher cost of living.  In addition, you can see that the center of the untry is enjoying a lower cost of living. The below illustration is provided by Keeping Current Matters.


Here you can easily see how much you would have to make in order to purchase a median priced home in each state. For South Carolina you would have to make approximately $45,000 in order to purchase a home.  The two most expensive places to live in America is California and Hawaii.

All real estate is local. York County South Carolina has a lot to offer. Whether you want to visit the lakes, or be entertained you will not be let down. York County also has medical centers and higher education centers available. If you are thinking of making a move, give us a call. We have the deep community roots and network to help you find your next home. We can show you all of the beautiful areas of York County.

North and South Carolina Featured Properties

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We would like to invite you to visit, specializing in the Rock Hill, Fort Mill, Indian Land and Tega Cay areas of South Carolina. Our team has made available tours of subdivisions in each city for your review. We are deeply knowledgeable of these areas, which is why you want to choose us for your real estate needs.

Courtesy of Arbie Turner Homes Keller Williams Fort Mill SC

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