3 ms·

I have in my head the rule of thumb that you can afford a house 3x your annual income (or a mortgage 28% of your monthly[1]). I don't see the line crossing 3 a

I have in my head the rule of thumb that you can afford a house 3x your annual income (or a mortgage 28% of your monthly[1]). I don't see the line crossing 3 anywhere on that chart. [1]Which translates to 4.2 on a 80/20 loan

jobigoud 5y ago
> I don't see the line crossing 3 anywhere on that chart. The chart is for the average house, but the median income. Maybe the higher income are skewing the distribution of house prices.
SilverRed 5y ago
Going of the bank calculators, they all say that they will let me borrow 6x my income.