How Much Home Can I Afford Reddit

There are rules of thumb that tell you how much you can afford based just on income but there are a lot more variables than that. Conventional guidance says that you can afford to pay up to 28 of your gross monthly income on housing.

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As a student I always found it hard to find a way to budget a steady well-paid summer job 1850hr for 60-70 hrs a week to the school year where the job is not as well paying around 10hr for 10 hrs a week so I was wondering how best to funnel that summer money into the fall for paying for things like Rent food books and supplies etc.

How much home can i afford reddit. Ive had it in my head for a long time now that 250k-300k housecondo so 50k-60k down payment would be ideal. Housing affordability - based on your 73000 take home pay a lot of the more conservative financial folks out there like Dave Ramsey would recommend a mortgage of no more than 25 of your take-home pay which sets you at a mortgage of about 1520 which includes property taxes and homeowners insurance. To calculate how much house can I afford a good rule of thumb is using the 2836 rule which states that you shouldnt spend more than 28 of your gross monthly income on home-related.

How much of a down payment do you need for a house. Your housing expenses should be 29 or less. So a rough estimate for how much youll need immediately for a 250000 house would be 50000 downpayment 12500 closing costs and say about 5000 relocation assuming youre moving a.

A 20 down payment is standard if you can afford it. But this formula is much too simplistic and doesnt take into consideration all of the factors that determine how much you can afford. Property taxes and insurance varies from location to location but Id suggest planning for.

Your income is just one aspect. Youll need more income for a more expensive home. I plan to rent for at least 1 or 2 more years meanwhile saving up money through non-retirement investing for a down payment.

The 2836 percent rule is the tried-and-true home affordability rule that establishes a baseline for what you can afford to pay every month. Based on 56902 in annual income we believe you can comfortably afford a total monthly payment of 1679 which including your other debt payments represents 36 of your income. This of course doesnt necessarily scale 11 when you go up the pay scale.

If you can be happy with a 175-225k home and can comfortably afford it under your current budget I would focus on looking there and not just getting the most expensive home some website says you can afford. Bizarre reddit trend pinpoints exactly calculate how much house you can afford most helpful munities on reddit foolish mistakes first time home ers. For example a 150000 house to some one making 50000 a year is very different than a 750000 house to some one making 250000.

350K should be reasonable for your income you can probably go higher since you said just over 100K after tax but youd need to get down to details and run the math as things like taxinsuranceHOA maintenance based on home age and other kinds of fees related to housing varies across the country. How Much Can I Afford To Spend On A House Reddit. You should have three months of housing payments and expenses saved up.

For a full service move across the country by a moving company expect 10000-20000. This is for things like insurance taxes maintenance and repairs. As others have mentioned the general rule of thumb is 3x your annual gross salary is the upper limit for how much home you can afford.

By Samud Posted on May 16 2021. Though some mortgage loans may only require as little as 35 percent down or none at all a larger down payment will have a greater impact on your monthly mortgage payment. The 50-20-30 rule is a recommendation for how to spend percentages of your after-tax income on specific expenses.

But how much home you can afford also depends on your debts and how much youve saved for a down payment. According to this rule you should put 50 percent towards needs rent bills groceries and the like 20 percent towards savings and 30 percent towards wants like. Nerdwallets How much house can I afford calculator however suggests up to 550k.

Your debt-to-income ratio DTI should be 36 or less. How Much House Can I Afford Insider And Home Affordability Calculator. Find an estimate of how much mortgage or rent you can afford.

Quickly find the maximum home price within your price range. An old rule-of-thumb is that you can expect to afford a home that costs about two times your gross annual income.

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