Surprisingly enough, according to salary.com, a HS teacher in SD makes 52k, and a cop 49k. According to Financial Planning standards, your housing costs should not exceed 28% of your gross income. In thier case it would be around $2300.
If they put a downpayment of 20% (might be a big “if”), they could afford around $400k. The mortgage at 6.75% would be $2075. Add in other housing related costs and that’s probably too much. But we can assume that around $360-$375k should work.
