Final answer:
To determine if you can afford a 2400 square foot house, you must look at the 34th percentile of housing prices in your area, where you can afford 34 percent of houses.
Step-by-step explanation:
To determine whether you can afford a house with a square footage of 2400, you'll need to consider the housing prices in the area where the house is located. In the given scenario, the 34th percentile of housing prices is $240,000. Since you can afford houses priced at the 34th percentile or less, this means you can afford 34 percent of the houses, and the remaining 66 percent are out of your budget range.
Given that housing prices can vary widely depending on a multitude of factors such as location, market conditions, and the specifics of the property itself, the price of a house is not determined solely by its square footage. Therefore, to find the price of a house that is 2400 square feet, you would require additional information such as the average price per square foot in that specific area and any additional features of the home that could affect its overall value.
In a typical market, housing prices have shown to rise over time, with the median sales price of an existing one-family home increasing an average of 3.1% per year. This could be a factor in determining the current price of a home.