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The following table provides general salary estimates required to afford homes at various price points, based on standard lending benchmarks: Home Price Estimated Salary Needed Typical Monthly Payment $75,000 – $95,000 $1,750 – $2,200 $400,000 $100,000 – $125,000 $2,300 – $2,900 $500,000 $125,000 – $160,000 $2,900 – $3,700
The salary you must earn to buy a home in the 50 largest metros
: The total purchase price of your home should generally stay between 3 to 5 times your annual household income.
Experts use several guidelines to estimate how much house you can afford based on your salary:
: Spend no more than 28% of your monthly gross income on housing (mortgage, taxes, insurance) and no more than 36% on total debt.
