How to Afford the Top House on Your Wish List

It’s no secret that the cost of housing has been on the rise in recent years, making it difficult for many people to afford a place to call home. But what are the most expensive cities in the country when it comes to housing? A new study has taken a look at the top 10 most expensive cities to buy a house in the United States, and the results may surprise you.

How much house you can afford if retired.

In general, you shouldn’t spend more than 30% of your salary on housing expenses, including your mortgage, property taxes, and insurance. If you’re living on a $30,000 annual retirement income, it means your housing expenses shouldn’t cost more than $9,000 a year, or $750 a month.

How much house you can afford 40k salary.

The 36% rule 3.

Gross earnings 28% of gross monthly income 36% of gross monthly income
$20,000 $467 $600
$30,000 $700 $900
$40,000 $933 $1,200
$50,000 $1,167 $1,500

How much house you can afford making 35k a year.

If you’re single and earn $35,000 annually, you can probably only buy a property that costs roughly $105,000.

How much house you can afford 36k a year.

Ranging from $144,000 to $195,000

How much house you can afford making 30k a year.

If you applied the 28% rule, you could manage a $700 monthly mortgage payment with a $30,000 annual salary. Another guideline to follow is your home should cost no more than 2.5 to 3 times your yearly salary, which means if you make $30,000 a year, your maximum budget should be $90,000.

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