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Connect with Porter on LinkedIn or check out her tweets at @kimsavesmoney. It’s consistently listed as one of the best places to live and to buy a home in the U.S., and it receives an overall Niche grade of A. The metropolis—once known as “the heart of a dying steel industry”—is now earning a reputation as “Reinvention City,” according to U.S. Pittsburgh is a hub of technology and education with thousands of acres in ample green space, three professional sports teams, and plenty of museums, events and restaurants.
What do down payment options look like for a $400,000 mortgage?
How Much Home You Buy for $400,000 in the 25 Biggest Cities in America - Business Insider
How Much Home You Buy for $400,000 in the 25 Biggest Cities in America.
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Fort Wayne, Indiana, is the smallest of the five cities where $400,000 goes furthest. According to Census Bureau estimates, the population stands at 263,800. Fort Wayne is also in the top 10 cities, with the highest percentage of single-family homes at 69%. For homes sold from April 2022 through March 2023, the average price per square foot was $115, meaning that $400,000 will get you an approximately 3,483-square-foot home. While the 2021 median home value in Cleveland, Ohio, is lower than Toledo’s ($83,400 versus $100,100), the average price per square foot is slightly higher at $94.
$400,000 Homes in Indiana, Virginia and New York
Of course, these numbers can change drastically depending on your specific financial circumstances, including your homeowners insurance premium and local property taxes. If you lock in a lower rate, the monthly payments will be less; if you put down less than a 20 percent down payment, they will be more. Some homes may come with additional costs as well, such homeowners association fees or pool maintenance. Here’s everything you’ll want to consider to determine how much income is needed for a $400,000 home. Located in south-central Kansas, Wichita is a city of roughly 395,700 people that ranks high for home affordability. The 2021 median home value stood at $165,700, and more recent home sale data places the price per square foot at $113.
Faster, easier mortgage lending
When you get pre-approved for a mortgage, it provides you with an idea of what you'll likely get approved for. It also shows real estate agents and home sellers that you're serious about looking for a home. Apply online with Guaranteed Rate to start your journey towards a new home. This price difference has real square footage implications for how far $400,000 goes. The table below compares a hypothetical newly built home for $400,000 and an older home, assuming a 30% difference in price.
What factors determine how much you can afford?
There are some highly rated schools in the Albany area, too, though the overall public school system received a C rating from Niche. Your minimum down payment for a $400K house with a pure conventional loan can be $80,000. However, read about piggyback loans, which may get you many of the advantages of a 20% down payment if you’ve only saved 10%. If you opt for an FHA loan and put at least 10% down, your mortgage insurance may be eligible to drop off completely at year eleven. However, in the case of USDA loans, you’re stuck with mortgage insurance for the lifetime of your loan.
Shop around for a mortgage
Before you can usefully compare different types of low-down-payment mortgages, you need to know a bit about mortgage insurance. By far, the most common cause of variations in the minimum down payment for a $400K house is the type of mortgage you choose. What you can buy for $400,000 varies widely not only here in the Washington area but also across the country. With the help of Realtor.com, we’ve pulled together a sampling of homes at that price range to give you an idea of how location can affect your purchasing power. Home prices have been escalating rapidly, which has led many first-time buyers to pause their search hoping prices will moderate.
Fort Wayne has a much lower cost of living than the rest of the nation, making it a great place to buy a home and put extra money toward savings. The city also boasts an art scene, plenty of entertainment options and long-term economic development projects aimed at revitalization. The unemployment rate and cost of living are both better than the national average—and there’s plenty to do in this town, even with a relatively small population of about 106,000.
Real Estate
An agent will be able to guide you through the entire homebuying process with professional expertise. In this study, we looked at average price-per-square-feet figures across different cities. However, prospective homebuyers may be able to get more for their money if they buy an older home or a fixer-upper.
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We crunched the numbers to find out how much you need to earn to afford a $400,000 home in the U.S. According to the Census Bureau, the median home price in the Western US is $410,600. If you are moving to Idaho, or from The Gem State, the data shows your relocation will most likely include California, Washington, and Oregon. If you have a small home with a local move, a DIY move will likely save you thousands of dollars. If you have a long-distance move or a large home, compare several quotes to choose the cheapest professional mover.
Home buyers using either a VA loan or a USDA loan can qualify for a mortgage with zero down payment on a $400K home. Using our example, a 7% down payment on a $400,000 home would equal $28,000, so you would need to borrow $372,000. The monthly payments on a 30-year fixed rate mortgage for this amount would be about $3,057, including principal and interest, homeowners insurance, property taxes, and PMI. But don’t forget to consider the 36 part of the equation as well — what other debts do you have, like car payments, credit cards or student loans? Factor in the costs of homeownership too, including taxes and regular maintenance and upkeep, when determining a comfortable monthly payment. You don’t want to stretch yourself so thin with your house payments that you can’t afford other essentials.
In this city of roughly 268,500 people, the median home value is $100,100—less than half the 2021 national average ($281,400). However, $400,000 buys you significantly different-size homes depending on where you are. Finding a home in the $400,000 price range may not be easy in many high-cost-of-living areas, such as California.
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