Finding a home at the right price can have big benefits for your financial future. The first step is finding out how much you can reasonably afford without putting your other financial goals at risk.
A good rule of thumb is the 28/36 method. First, calculate your gross income (pre-tax) for the year. Then, multiply that figure by .28 to find 28%. That number is the max you should spend on housing. Next, find 36% by multiplying your gross income by .36. That figure is your maximum spend on recurring debtthings like car loans, student loans, and credit cards.
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