How Much House Can I Afford If I Make $100k Per Year

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How Much House Can I Afford If I Make $100k Per Year, Can you afford to buy the house you want?

Chris Kidder
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Chris Kidder NMLS ID: 228600
The Mortgage Firm NMLS ID: 189255

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No way you could afford that home making $100k per year. Is that $100k gross or net? Sure you have no income taxes, but $650k still seems a little high with only 5% down payment. This MAY be feasible with 20% down payment to remove the PMI and lower the monthly payment. That and buyers still need enough to save to have a contingency budget.

TheCoolOwen

that'll work if you want to spend 50+% of your monthly income on the house....

ahmada

Yea this makes no sense. Average interest rates are about 5.8%. On this type of home with 5% down after factoring in property tax and home owners insurance your gonna end paying at least $5, 500/month. 100k/year is a little over 8k/month in gross earnings. After taxes and deductions your taking home about 6k. This leaves you with only about $500 bucks to for food, utilities, gas, and other expenses that you would need to pay for. No way anyone can do this on a 100k salary.

I make 150k a year and my wife works part time and makes 30k/year and we have 2 kids. To live the lifestyle we want to live and be able to go on vacation with the family every year purchasing a 500k home with 10% down was the most valuable option. The only reason why we were even able to do this was because we were able to get a 4% interest rate on a VA loan because I was prior military.

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