How Much Home Can I Afford?

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.