A generally accepted rule of thumb is that your mortgage shouldn’t be more than three times your annual income.
So if you make $165,000 in household income, a $500,000 house is the very most you should get.
How much do I need to make to afford a 300k house?
Most lenders allow you to Qualify at the second year rate. The answer depends on several factors. Check with several mortgage brokers before you start house shopping and they can give you a range. With income at 48,000 per year, you will need a large down payment to qualify for a mortgage on a $300,000 house.
How much do I need to make to afford a 600k house?
How much do you need to make to be able to afford a house that costs $600,000? To afford a house that costs $600,000 with a down payment of $120,000, you’d need to earn $104,232 per year before tax.
How much home can I afford making 150k?
This was the basic rule of thumb for many years. Simply take your gross income and multiply it by 2.5 or 3, to get the maximum value of the home you can afford. For somebody making $100,000 a year, the maximum purchase price on a new home should be somewhere between $250,000 and $300,000.
Photo in the article by “Wikipedia”