How Much Home Can I Afford?
Many experts suggest you should not spend more than 30% of your gross monthly income on housing.
Published Oct 09, 2018
How Much Home Can I Afford?
Many experts suggest you should not spend more than 30% of your gross monthly income on housing. We would take an even more conservative stance and suggest spending 25% or less of your gross monthly income on housing.
Here is a calculator that helps you determine how much house you can afford. Keep in mind that many calculators factor in spending between 30%-36% of your gross monthly income on housing. So as you use them, bring your final “affordable amount” down to 25% of your gross monthly income.
Today's tip brought to you by Mvelopes and Money4Life Coaching.
Originally published October 18, 2018.
