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re: Income to house cost ratio: Assuming pretax income, what is the marginal ratio?
Posted on 6/3/15 at 4:01 pm to kjacksonp
Posted on 6/3/15 at 4:01 pm to kjacksonp
When I bought my house the total mortgage (plus insurance and property taxes) totaled 19% of my gross monthly income. If your credit is good you'll probably be able to get a loan that will put you closer to 30% but that's a very large chunk of your monthly income. I wouldn't go above the lower 20's.
This post was edited on 6/3/15 at 4:02 pm
1
Posted on 6/3/15 at 4:05 pm to Phate
20-25% I think is comfortable range. Do you have kids? If you are nearing the 30% mark I would guess 1. that you dont or 2. have them in public school
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