A good rule of thumb: most lenders want your monthly housing costs (mortgage + taxes + insurance) to be no more than 28–31% of your gross income.
🏡 Quick Breakdown
- Annual Income: $70,000
- Monthly Income (before taxes): ~$5,833
- Max Housing Budget (≈30%): ~$1,750 per month
At today’s FHA interest rates (around 6%), that usually means you could afford a home priced around:
🏠 $250,000–$300,000
(assuming a small down payment, no major debts, and average property taxes & insurance)
💡 Things That Affect Affordability
✅ Your Down Payment – More down = bigger house for the same payment
✅ Your Debts – Car loans, student loans, and credit cards lower your max budget
✅ Your Credit Score – Better score = better rate = bigger buying power
✅ Local Taxes & HOA Fees – Can impact your monthly payment
At Trealtorr, we run your numbers for FREE and find grants or programs to stretch your budget.
Sometimes we can help first-time buyers qualify for more house without a bigger payment.
📲 Call or text us today at +1 (347) 831-6085 — let’s run your numbers and see what you really can afford in today’s market!