Jun 16, 2014
The salary needed to get a mortgage depends on many factors. It includes your income, target monthly payment, down payment amount, debt to income ratio and other personal circumstances. CNN Money advises to aim for a home that costs about 2 and a half times your gross annual salary. Some lenders suggest you can go higher, but lets just stick with the typical home affordability indexes of 2 1/2 times your salary.
Based on current 2014 sales figures, it would take a salary of $669,918 to buy the average home in Preston Hollow.
The average Preston Hollow home sale in 2014 is currently $1,674,797.
That figure is for Preston Hollow as it is very broadly defined and I used the boundaries of Northwest Hwy on the south, Forest Lane on the north, Midway Road on the west and Hillcrest on the east. Each neighborhood in and around Preston Hollow is different.
You can find some lovely homes for less than $1.6 million in this area. In fact, there are currently 136 homes for sale within these boundaries and 60 of them are priced under $1.6 million.
There is no magic dollar amount that makes for your ideal home. The house you want and can afford is as unique as you are. When you need help finding the perfect home, call me.