Based on our income what would be an affordable home price?

Question

My fiance makes about 95,000 a year and i make about 85,000 a year. what is an affordable home price? we are both 27 years old and still have time for raises and advancements in our careers. We live in the Cleveland, OH area, and are looking at lake front homes.

Answer 1

Probably between 25,00- 35,00 dollar home.

Answer 2

You make approx. 15,000 a month which means that the banks look at 25% of your income for a monthly house payment.  So you could qualify for a monthly note including taxes and insurance of 3500.  Whitch means you could purchase a house worth approx. 600,000

Answer 3

Hmm, not sure. Could you get me a job on that money :)

Answer 4

Rule of thumb. No more than around 30% of your monthly income should go into your monthly mortgage payment.  

Answer 5

2005000. please pick me for your best answer i really need the points.

Answer 6

1. first ges...hous pries=2.8*(1 yeer gross inkum)

2.8*190,000=532,000$

2. Kleevland is cheep plaes, yu kan afford a McManshun

Answer 7

If you choose a combination of down payment, house-price and financing option that means less than 20% of your "take-home" pay is required to pay for the mortgage and maintenance, you will be richer & happier than anyone you know ten years from now...

Answer 8

Depends on your debt

Answer 9

How much money do you have for the downpayment?  Do you have any other expenses, etc?

Answer 10

What you can afford has nothing to do with what you can obtain. But, heres the low down: Monthly income is 15,000

Take your other debt that is reporting such as cars, credit cards, ect..

subtract that from 7,500 and that will be the max monthly payment you can afford. Depending on the rate is how much you can borrow. email me and we'll talk. Ill give you a free consultation.

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Answer 11

What kind of jobs do YOU have?   The average female your age makes about $30,000 a year and the average male his age makes about $45,000 a year.

I think it would be wise to choose a home that you can pay 30% down.  You must have that 30% in cash savings.  If you don't have that, then you're looking at a house that's too much.