Or, you could get creative and look into house hacking to earn money where you live.. You can have fun and enjoy your life just as much on $20,000 as on $40,000. When my wife and I first got together we were working minimum wage jobs.
To determine how much house you can afford, use this home affordability calculator to get an estimate of the property price you can afford based upon your income and debt profile. Generally, lenders cap the maximum monthly housing allowance (including taxes and insurance) to lesser of Front End Ratio (28% usually) and Back End Ratio (36% usually).
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My fiancee and I gross a combined $150k/yr with substantial annual raises & bonus pay. We live in Dallas, TX and we’re weighing our options in terms of home ownership. We’re currently paying approximately $1200/mo to rent an apartment and figure for a few hundred more a month we could be making mortgage payments.
Simply, you should only spend two times your annual gross income on a house. I’ll discuss some other financial rules for home buying below, but this is the most simple. How much house can you afford based on your annual salary? $25,000 a year salary = $50,000 house. $50,000 a year salary = $100,000 house. $100,000 a year salary = $200,000 house
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The 28/36 Rule is a commonly accepted guideline used in the US and Canada to determine each household’s risk for conventional loans. It states that a household should spend no more than 28% of its gross monthly income on the front end debt and no more than 36% of its gross monthly income on the back end debt.
Many people wonder how much they can spend on a house. My suggestion is to do the math and see what you can afford and spend that amount or less. Do NOT take advice from a realtor or a bank on what you should spend as their estimates are almost always too high.
Know your local housing market and plan accordingly. It’s a seller’s market across most of the country again, creating lots of pressure to commit more than 28% of your income to housing. Let’s say you can buy a house for $250,000, but you determine that desirable homes in your area have started going for about 5% above the asking price.