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re: House = (x)household income
Posted on 8/11/15 at 11:01 am to donRANDOMnumbers
Posted on 8/11/15 at 11:01 am to donRANDOMnumbers
The original discussion was based on purchase price relative to gross household income.
So, you make $100k a year and you have "3x" then your budget for houses is $300k.
Not really the best way to go about it, but I think that's what was asked. Its a decent ballpark if you are just beginning to look and haven't priced rates, etc. It's better to look at your net income divided by your mortgage payment, including taxes and insurance.
So, you make $100k a year and you have "3x" then your budget for houses is $300k.
Not really the best way to go about it, but I think that's what was asked. Its a decent ballpark if you are just beginning to look and haven't priced rates, etc. It's better to look at your net income divided by your mortgage payment, including taxes and insurance.
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