How Much House Can You REALLY Afford (Home Loan Basics)

How much house can I afford?
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How much house can you afford? Are you going to end up house poor? The experts say your mortgage should be up to 31% of your monthly gross income, but I don't agree. I'll give you my rules for home affordability in this video and hopefully you can learn something new.

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[HonestFinance]

I hope this helps with home affordability. It's my opinion, but I think it can work for most of us.

[millennialmoneyprogress]

I think in high cost areas renting almost always makes more sense than owning unless you have a very high salary. In Los Angeles, the average person can’t afford 30% of take home on a mortgage. More realistic on a rental.

[jam]

great work overall and audio very clear !

[smallgalaxy]

Thanks for making these videos, they are helpful!

[modalsoul]

I need some serious advice guys … I’m 47, never married, no children, 545 credit score and lots of debt 💸, now I plan on trying to get a condo in about 3 years ( after I clear up most of the debt, save some money and get my credit up.

I’ll more than likely be at 46k in 3 years, my car paid off, score up and most of my debt clear ….. I’m shooting for a condo at 150k tops … but here’s the issue …. After 30 years I’ll be 80 years old 👴🏼 is it even wise to buy a condo now?… should I just get a nice apartment at this point?

[OlegLozytskyi]

Hey, just curious how you were able to pull 154K subs while your videos are getting only 1-2k views? Respectfully, thank you

[douglascarlson]

The repetitious comments below really affect the credibility of this man's message - it's all a pretty stupid tactic and they should know better.

[flauze]

Why do people use GROSS income to base their plans on ?? I personally came up with 27% of NET income to start building plans, its much more accurate to plan based off take home pay