Whats the average yearly income needed to buy a 350,000 dollar home in san diego?

Question

Single with 14 year old. No down payment, need a loan for that. 400$ car payment including insurance, 800 in other little wages.

Answer 1

that depends on too many factors to give you a proper answer. What debts do you have? Are you single or married, got a family? What kind of lifestyle do you like to live, frugal or spend-a-lot? Factors other than average yearly income could determine whether someone can afford a $350,000 home or not, anywhere, not just in San Diego.

Answer 2

In general, your total housing cost should not exceed 28% of your gross income and all credit service including housing should not exceed 35% of your gross income.

A $350k mortgage at 6.5% would require P & I payments of about $2,212 per month. The 28% rule works out to a gross of abut $7,900 per month or $94,800 annually. If you have other credit obligations totalling $1,200 (not sure what you mean by "800 in other little wages" but I'll assume that's credit card and other debt) you'd need about $9,748 in monthly gross income under the 35% rule or about $116,976 in gross income to qualify.

If you're looking for a 100% mortgage you're likely to encounter higher interest rates and fees and higher payments. Higher payments will mean higher income requirements to qualify. Additionally you are likely to need PMI if you have less than a 20% down payment. That will further increase your payments and therefore the qualifying income amounts.

Answer 3

7.2 million