How Much Income Do You Need To Buy A House?

It’d be easy to get the impression that buying a house is becoming unaffordable. After all, home price increases only seemed to accelerate after last year’s hot summer market. In fact, one recent report from the National Association of Realtors found that 88 percent of metro areas saw double-digit price gains during the fourth quarter of last year. But despite those price gains, the same report also found that the income required to afford a 30-year fixed-rate mortgage with a 20 percent down payment hadn’t changed all that much from the year before. That’s mostly due to favorable mortgage rates, which have helped keep affordability levels from getting out of reach. So how much money do you need to make to comfortably buy a house in today’s market? Well, the NAR found that you’d need to make $49,908, which is only up slightly from 2019 when it was $48,960. Additionally, their analysis showed that in 71 percent of the included metro areas a family could pay their mortgage with an income of less than $50,000 per year. Of course, where you’re buying matters. For example, that number more than doubles if you want to live somewhere like Los Angeles or Boulder, Colo. And, if you want to live in the San Jose-Sunnyvale area, you’ll need to make almost $225,000 to afford your mortgage comfortably. (source)

About the Author
eXp Realty, the largest residential real estate brokerage by geography in North America and a subsidiary of eXp World Holdings (NASDAQ: EXPI).

Bobby is a U. S. Marine Corps Veteran and Florida native with over 17 years of combined, award-winning experience in Real Estate and Mortgage Lending in Central Florida. An eXp ICON AGENT and Certified Mentor. Formerly with RE/MAX where he was recognized as a Hall of Fame Member and a consistent Platinum Club Award Winner. Locally, a multi-year Gold-Level Award Top Producer within the Orlando Regional Realtors Association (ORRA). His consistent productivity has earned him universal recognition, named as a Top agent in numerous publications, year after year including being voted a Best of Southwest Orlando Realtor 6 years in a row!

Bobby holds a Florida Real Estate Broker’s License with designations as a Graduate, REALTOR Institute (GRI); Accredited Buyer Representative (ABR); Certified Short Sale Professional (CSP); a Florida Military Specialist (FMS) and one of the few Real Estate Collaboration Specialists – Divorce (RCS-D) in Central Florida. These advanced designations denote expertise in financial, market, and investment analysis, in addition to negotiation. As such, he is considered an ‘expert’ in his field with experience in court testimony.


Bobby is also a dedicated member of his community and has served on numerous local Boards of Directors. He is a youth sports coach and a Partner in Education with Orange County Schools. Thus, Bobby was voted a 2015 ORRA Good Neighbor Award recipient for his volunteerism and charitable contributions by his peers.

Bobby and his beautiful wife Halle have three very active children; Isabella, ‘Little’ Bobby and Alex. They stay busy as a family with sports, extra-curricular clubs and travel. However, they also give back as a family and donate to local rescues as well as providing their home to foster animals whenever possible.

One of Bobby’s greatest attributes is that time and again he has proven himself to be a selfless professional, treating each of his clients as if their property was the most important. He continues to work with his clients personally and does not differentiate between a $100K condo or a $1M house on a lake…anywhere in Central Florida, he gives each one the equal time, attention and respect that they deserve, as praised through the countless reviews written about him by former Buyers & Sellers!

Bobby Baldor has demonstrated the extensive experience and proven expertise in our local market to help you and your family achieve your real estate goals. But more importantly, he is a caring member of our community. Bobby’s personal slogan is ‘Your Real Estate Hero’ …and he works hard to prove it.