100k dollars a year = how big of a home?

Question

if you make 100k a year what is the average price of a house you can afford

Answer 1

Depends on your debt to income, your employment history and your credit score.   There is no "average" here.

Answer 2

More importantly is your debt to income ratio. If you have car payments, student loans, credit cards, debts etc... that 100k could really easily be down played to 50-60k or whatever your debts are.

So figure out your debt to income ration, then you can find out what price range you fall into with a home.

Answer 3

Don't go pass 500,000 $ home or a 2500$/monthly rent.

My parents make about 500,000 $ a year, yet they live in a 1.5 million dollar home. Save the money for something better.

Answer 4

I say your payments should not be more than 25% of your income.

Answer 5

about a 300,000 mortgage plus your down payment = price of home.

DO NOT BECOME HOUSE POOR.  I wouldn't spend more then 25% of your gross monthly income for the TOTAL mortgage payment.

Answer 6

Depends on where you choose to live.  If you are in a City in the Northeast (NYC), 100K won't get you a bathtub.

If you are in the back hills of a rural area, you may get a real mansion.  

Use Realtor.com to check out prices where you want to live.

Answer 7

Comfortably...where your total payment does not exceed 30% of your income.  I'd say $2,500...  That equates to a 300,000 home.

Answer 8

at $8,333 per month income with $2000 in monthly debt(Car payment , cc's, any other installment loans), with $15000 down at 6.5% interest for 30 years you can buy a house between $145,100 to $270,000. More if your monthly debts are lower