how much do you make per hour and what price of house were you able to afford?
August 24, 2008 · Print This Article
trina l asked:
ive been wondering how much ppl can afford when they make ten,or twenty or forty dollars or more an hour.
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ive been wondering how much ppl can afford when they make ten,or twenty or forty dollars or more an hour.
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Josh Dunaway has been a certfied Realtor in the suburban Chicagoland area for over 20 years. Aside from starting his own real estate company, he also owns a mortgage company as well.
That’s not the complete way to calculate how much of a house you can afford. You have to calculate your other major debt. (Debt/Income ratio) Also credit score is a big factor because your interest rate is based on your credit history along with debt/income ratio.
There are a lot of factors that go into determining how much a person can afford. Some things to consider besides income would be monthly debt, interest rate, property taxes, homeowners insurance, association fees, personal spending. I’ve placed a link below for an affordability calculator you can work up rough estimates for yourself. Have fun!
my boyfriend is a boss on a drilling rig and makes $24 an hour plus overtime… overtime is awesome until the tax the crap out of it.. we are going to buy our first real home soon… we are just saving up money.. he is 33 years and i am 25 years old and live in Pennsylvania. We live in a one story brick house right now. but we have vehicle payments also… just our truck payment is $832 a month….
I’ve heard you should look for a house that is no more than 3 times what your yearly salary is. Between my fiance and I we earn around 3500 a month and are looking for a home in the 100-125k area. It depends on what you can afford with other debts- like car payments, student loans, or credit card payments.