Can I buy a House if I Make 65k a Year?

Uzoamaka Ezenobi

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Everyone at a certain point in their lives will love to buy a house to live in. When people desire to buy a house, it is not usually considered out of place. It is actually the dream of many.

The reason is not far-fetched because shelter is one of the basic necessities of life. No wonder the number of persons who own a house in the US according to the US Census Bureau is 64%.

Deep down, people usually have this long life wish to have their own personal houses. And when they fulfill this desire, it goes a long way to reduce their burden of having to pay rent continuously.

Perhaps you are one of those earning a low annual income and you are wondering if you can ever be able to buy your own house, then you need to stay glued to this page.

One of the ways to fulfill that dream of buying your house is through a mortgage.


This picture signifies a mortgage.

A mortgage simply means an agreement between you and the lender that gives the lender the right to take your property if you fail to repay the money you borrowed plus interest.

There are various types of mortgages you can opt for so it’s important you choose the one that is unique to you.

Types of Mortgages

1. Conventional mortgage

This type of mortgage is not backed by any government program. Rather they are secured by private lenders like banks.

2. Jumbo mortgage

This mortgage is used to finance properties that are too expensive for a conventional conforming loan.

3. Government mortgage

The Federal Housing Administration (FHA), manages this type of mortgage. It is best suited for first-time house buyers as the initial payment is low.

4. Fixed-rate mortgage

The fixed-rate mortgage is for borrowers who prefer a particular monthly payment for the duration of the loan.

5. Adjustable mortgage

These are borrowers who prefer to pay a little amount in the short term. Then afterward they pay the remaining bulk of the money in the future gradually.

This way both high and low-income earners can comfortably choose a mortgage plan that is convenient for them. That’s not all, the prices of houses can not be the same in every location, let’s quickly check out how much houses really cost in various states.

This is a typical residential house one can buy.

How Much Are Houses Sold in The US

Just like every other consumer good, whose prices have skyrocketed, the prices of houses are not left behind. During the pandemic, the yearly housing price increased significantly to 12% between 2020 and 2021. Then 15% between 2021 and 2022.

The average price to buy a house in the US in 2022 is $348.079. The most expensive states to buy a house are Hawaii $959 134, DC $ 803 327, California $763 358, Washington $597 128, and Massachusetts at $569 951. 

On the other hand, the least expensive states include Iowa $183 159, Oklahoma $169 307, Arkansas $166 626  Mississippi $155, 020, and West Virginia $126 891.

The statistics above have shown that Hawaii is the least affordable state to buy a house in while West Virginia is the most affordable. There is a rule of thumb that says that you should multiply your annual income by 3 to get the average amount you can afford.

However while still considering the states you can buy a house, it is also important to decide what type of house you want to buy. 

Decide what type of house to buy

The choice of house you decide to settle for matters a lot. Do may be wondering why. The reason is not far-fetched. It’s so you can align your dream house with your income.

It is not even advisable that you buy a house that you will struggle in paying the mortgage all your life. So the ball is now in your court to decide whether it’s a condo, townhouse, a single apartment, or even a multi-family house you want.


I bet that after all these considerations, you are no longer in doubt if you can actually buy yourself a house with your annual income.

However, if any doubt still persists in your mind then certainly YES, you can buy a house with that annual income among the list of pocket-friendly states. Cheers to you becoming the next house owner in the US.

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