What should our house budget be for a 90k per year salary?
By - hellothere_696969
I would recommend a mortgage payment of no more than 25% of your income. So if your monthly take home income is 4K, have it be no more than 1K
Talk to a lender at a bank for a better breakdown, since home loans come with different time frames.
If you can get a relatively inexpensive home and still be happy with it, then you can do a 15 year loan which would save you a ton in interest.
We make over $200K and spent less than $400K on a house.
I would say 3x your combined yearly salary. So about 270k
The absolute maximum your monthly housing expenses should cost is 35% of your monthly income.
**HOWEVER**, remember that taxes, insurance, and maintenance are **included** in that 35%.
Depending on where you live, taxes and insurance could actually end up being higher than your mortgage payment.