Houses For 500 000 Dollars – Each week, our survey of recent home sales in New York City and surrounding areas focuses on homes for sale in specific price ranges, allowing you to compare single-family homes, condos, and co-ops in various neighborhoods.
The “list price” is the asking price when the property was placed on the market with the last broker. Time to market is measured from last listing to end of sale date.
Houses For 500 000 Dollars
The 74-year-old, 1,450-square-foot home has a living room with a bay window and fireplace, a kitchen with radiant heat floors, a foyer and an unfinished basement on a 0.2-acre lot.
South Ellery Drive, San Pedro, Ca In Los Angeles, California, United States For Sale (13065776)
Located in a building without an elevator, this 550-square-foot post-war joint features a bathroom, open kitchen, parquet floors, living room and dressing room with access to the rooftop terrace.
The 19-year-old, 1,218-square-foot home has hardwood floors, a shared living and dining area, a kitchen with stainless steel appliances, and a driveway, but no garage on the 0.07-acre lot.
The 40-year-old, 1,600-square-foot attached home, which features a living room with a fireplace and balcony, a kitchen with granite countertops and a spiral staircase, is in a complex with an outdoor pool.
This 29-year-old, 2,000-square-foot single-family condo features a family room with a fireplace, a kitchen with stainless steel appliances, and an on-site deck with an outdoor pool and tennis court.
Nyumba Inauzwa Dollar 500,000
This 51-year-old, 1,778-square-foot vinyl-aspected home features a shared living and dining area with wall-to-wall carpeting, a kitchen with stainless steel appliances, and an attached one-car garage. , 0.2 hectares. Written by Andrew Dehan Written by Andrew Dehan Real Estate, Home Loans Author Andrew Dehan writes about real estate and personal finance. His work has appeared in Rocket Mortgage, Forbes Advisor, and Business Insider. He is also a poet, musician and lover of nature. He lives in metro Detroit with his wife and children. Connect with Andrew Dehan on LinkedIn LinkedIn Andrew Dehan
Editor: Michele Petry Editor: Michele PetryArrow Right Senior Editor, Home Lending Michele Petry is the Senior Editor of and leads the site’s real estate content. Connect with Michele Petry on LinkedIn Connect with Michele Petry via Email Michele Petry
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Watch Inside A $40.5m Estate With A
Over the past few years, the housing market has sent home values sky high. Prices are starting to adjust but are still relatively high. As of April 2023, the average price of a home in the United States was $388,800, meaning half of the homes sold had a much higher price tag.
So how much do you need to buy a $500,000 home? Let’s say you spend about a third of your gross income on a home (more on the 28% rule below). According to the Mortgage Calculator, buying a $500,000 home with a 20% down payment and a 30-year mortgage with a 6.5% interest rate would cost $2,528 per month. Multiply that number by 12 and you get $30,336 per year. If that’s one-third of your income, multiply $30,336 by 3 to determine the minimum annual income you’d need to pay for a $500,000 home, $91,008.
This total does not include property taxes, home insurance or potential HOA fees, all of which vary depending on your location, and does not include any other monthly costs or fees. So the salary you’d need to pay comfortably without stretching yourself too thin would be over $91,000. Learn more about how to know if you can afford a $500,000 home.
To understand how much you can afford to buy a home, it helps to know how much of your income you can afford to spend on home. One commonly used guideline is the 28/36 rule. This rule states that you shouldn’t spend more than 28% of your income on housing costs, and you shouldn’t spend more than 36% on total debt (mortgage and student loans, credit card bills, car payments, etc.). ) is spent. .
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Remember, the cost of owning a home is much more than paying principal and interest on a mortgage loan. You’ll also need to pay homeowner’s insurance and property taxes, both of which can vary greatly depending on where you live. You will also have to cover maintenance costs. This means a general inspection of the home and repairs as needed. And if your home is part of a homeowners’ association, you’ll also have to pay HOA fees.
As you know, location is very important when it comes to real estate prices. States with median home sales prices around $500,000 include Oregon ($493,600) and Utah ($520,500), according to Redfin data. Individual markets with averages close to $500,000 include Sacramento, California ($463,000), Charleston, South Carolina ($517,500), and Olympia, Washington ($525,000).
Buying a home is a complex process, and naturally many factors come into play. Here are some factors to consider to estimate how much you can afford:
Your debt-to-income ratio (DTI) is the percentage of your monthly income you spend on debt repayment. Generally, the lower the DTI, the better. What most mortgage lenders want is a DTI of 36% or lower. (This number may seem similar to the 28/36 rule.)
Homes You Can Buy In Canada For $500,000 Today
Here is an example of DTI: Using the calculations at the top of the page, your monthly income on a $91,008 salary would be $7,584, and your monthly interest and principal payment on a $500,000 home would be $2,528. If your monthly debt is $2,528 and your monthly income is $7,584, your DTI is:
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