How Much Should Your Income Be | To Buy A House

Lenders primarily use two "rules of thumb" to decide if you qualify, though these represent the maximum they will lend, not necessarily what you should spend to live comfortably.

Based on current national median prices (~$412,400) and mortgage rates (~6.14%), the following table estimates the required annual gross income under the 28% rule, assuming a and standard taxes/insurance. Home Purchase Price Estimated Monthly Payment Recommended Annual Income $250,000 $68,500 – $85,000 $400,000 $120,000 – $135,000 $500,000 $150,000 – $165,000 $750,000 $225,000+ $1,000,000 $300,000+ how much should your income be to buy a house

Your total monthly housing payment—including principal, interest, property taxes, homeowners insurance, and any HOA fees—should not exceed 28% of your gross (pre-tax) monthly income . Lenders primarily use two "rules of thumb" to