*The Commerce Journal>>>Renting & Real Estate

How much income do i need to run a home?

Depends on what state you are in. First of course you have your house payment, which depends on the size of the loan you get. Then homeowners insurance, depends on the state and location. Average insurance is $450 to $700 per year, but in a Flood area or Fire area could be as high as $1100 per yr. Then, you have taxes. Taxes depend on the County you are in. In OC, Calif. around 1.25, but some areas are 1.8 in Calif. Texas, they will never tell you until you close escrow! My property in Texas is like 2.75%, Ouch. Next you have utilities, water, electricity, gas....and on and on and on! If you can give me an area, I can be more specific.

for a $200,000 home, i would say about $2500 a month.

If you're asking how much money do you need to make the payment and keep the house in a good state of repairs a good rule of thumb is your payment (principal,interest, taxes, insurance) + 35% of the payment.

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