Hi, I know there are a couple rules of thumb about house affordability, and the one that is referred to most often is between 2.5-3x salary. But I know some people say "x% of salary is your monthly payment" or 1 week salary. Is this pre or post tax? I'm looking for as many "rules of thumb" as possible, mostly just curious what recommendations are out there!!
We make 191k, we have 200k (not including emergency fund) for down payment, closing costs, furniture, incidentals. We're hoping to buy somewhere between 500-600k, but there's a few houses around 650k I really like.
Debts include a car payment at 500/mo, student loans 15k at 300/mo (I can pay these off, just keeping cash on hand for the house purchase).
Just trying to figure out what works for us!
Submitted December 27, 2020 at 05:44PM by green_all https://ift.tt/3mWkx70
