How Much Money Do You Need To Make To Buy A Home In New Jersey?🏠

What Will You Need In The Bank To Buy A House In New Jersey?

Are you thinking about buying a home in the Garden State? Do you know someone who is considering a home purchase in New Jersey? Whether it's a brand new home or an existing home, people want to know the bottom line, finances.

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What is a home purchase in Jersey going to cost you? A recent article by Patch looks at the finances of buying a home and what you "need to make" to afford a home in New Jersey.

According to Patch, "A recent study shows just how much income you would need to purchase a median-priced home in the Garden State — and that this amount has increased by more than 50 percent in the last five years."

Think about that quote, "increased by more than 50 percent in the last five years." So what is the dollar amount you need to strive for in order to afford a home in New Jersey? According to Patch, "Home-buying hopefuls would need to pull in $160,001 to afford a home at the state's median sale price of $539,100 in January, according to the study."

So how does that leave you? Is your household making around $160,000? So, for a couple of $80.000 a piece, is that obtainable for you? Also, are you saving any amount to build a little down payment for the new home? That can also help when it comes to getting those keys. So if you haven't started, now is the time, and any amount is better than no amount.

"Nationwide, the median sale price for homes in January was $418,489, with households needing to make $116,986 annually to afford that amount, according to the study."