Determining how much house you can afford depends on a variety of factors, including your income, expenses, credit score, and the housing market in your area.
As a general rule, it is recommended that you should not spend more than 28% of your gross monthly income on housing expenses, including your mortgage payment, property taxes, and insurance. Additionally, your total debt-to-income ratio, which includes your housing expenses and other debts such as car loans and credit card payments, should not exceed 36% of your gross monthly income.
However, it's important to note that these are just guidelines, and your specific financial situation may vary. It's always a good idea to consult with a financial advisor or mortgage lender to get a better understanding of how much house you can afford based on your individual circumstances. They can also help you get pre-approved for a mortgage, which can give you a better idea of your home buying budget.
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