If you follow the 28% rule, you can afford a monthly mortgage payment of $700 on an annual income of $30,000. Another guideline to follow is that your home should cost no more than 5 to 3 times your yearly salary. This means that if you make $30,000 a year, your maximum budget should be $90,000.
Can I buy a house 4 times my salary?
The total house value should generally be no more than 3 to 5 times your total household income, depending on how much debt you currently have.
If you are completely debt-free, congratulations—you can consider houses that are up to 5 times your total household income.
1 Jun 202
Can I buy a house with 15k salary?
In order to purchase property on a single income, buyers need to be earning a minimum of around R15 000 per month after tax, he says, which will allow them to afford a home loan of around R500 000. 14 Sept 201
To purchase property on a single income, buyers need to earn a minimum of R15 000 per month after tax, he says. This will allow them to afford a home loan of around R500 000. 14 Sept 201
Can I buy a 300k house with a 30k salary?
These are important questions to ask yourself: “While it’s hugely situational, is it definitely possible to purchase a home if you’re making $30,000 a year? As long as you have enough savings to make a down payment, have a good credit score, and have a decent debt-to-income ratio, you should be good to go!”
How much do I need to make to afford a $1500 mortgage?
You make $60,000 annually, or $5,000 each month, pre-tax. If you’re following the rule of 30/43, you’ll spend no more than $1,500 (30% of $5,000) a month on home payments. This leaves you with $3,500 to spend on other monthly expenses.
I’m Brendan Rivers, and I love all things real estate. I live in sunny Los Angeles and work as a real estate expert. I enjoy helping people find their dream home, and I love everything about the process of buying and selling property.
I’m originally from Boston, and I love spending time with my family and friends there. When I’m not working or hanging out with loved ones, you can usually find me at the beach or exploring new parts of LA.