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· The Technical Answer. This means that if you make $100,000 a year, you should be able to afford $2,500 per month in rent. Another rule of thumb is the 30% rule. If you take 30% of $100,000, you will get $30,000. Divide that figure by 12 (the number of months in a year) and the answer – surprise – is $2,500 per month.
A great place to start verifying how much house you can afford is by checking your credit report. You’re entitled to one free copy every year from each of the three major credit reporting agencies, Experian, Equifax and Transunion. Access them by visiting Annualcreditreport.com–it’s the only site authorized by the US Government.
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Uncover how much house you can really afford with our handy mortgage calculator Use our home affordability calculator to figure out how much you may be able to afford for a new home.
Buy too much home at more than you can afford and you could end up “house poor.” Buy too little and your household quickly becomes.
This is not the best way to find out how much house you can afford. It's better to subtract your monthly expenses from your income, and then work down from that .