How much should you make to afford a 300k house?
The oldest rule of thumb says you can typically afford a home priced two to three times your gross income.
So, if you earn $100,000, you can typically afford a home between $200,000 and $300,000.
Can I afford a 300k house on a 100k salary?
Some experts suggest that you can afford a mortgage payment as high as 28% of your gross income. If true, a couple who earn a combined annual salary of $100,000 can afford a monthly payment of about $2,300/month. That could translate to a $450,000 loan, assuming a 4.5% 30-year fixed rate.
How much should I make to afford a 350k house?
Income to Afford a $350,000 House
| Down Payment | 3.75% | 4.50% |
|---|---|---|
| $0 | $69,467 | $76,003 |
| $17,500 | $65,994 | $72,203 |
| $35,000 | $62,521 | $68,403 |
| $52,500 | $59,047 | $64,602 |
7 more rows
How do people afford houses?
Choose a 15-year fixed-rate conventional loan. Be sure your monthly mortgage payment is no more than 25% of your take-home pay. Put at least 10% down—but 20% is even better! Pay for closing costs and moving expenses with cash.