How much money do you need to make to buy a house?

+1 vote
asked Mar 1, 2018 in Real Estate - Renting by Ehorton (370 points)
How much money do you need to make to buy a house?

1 Answer

0 votes
answered Mar 4, 2018 by Gracy (132,100 points)
The amount of income you will need to make to buy a house will depend on how much the house is gonna cost.

If you take out a mortgage for a $100,000.00 house you will need to make around $3,000.00 per month since your mortgage payments will likely be $1,000.00 per month and that would leave you with $2,000.00 per month leftover for other things.

You'll also need to have a down payment and good credit before getting approved for the mortgage.

When buying a house make sure you can afford it and even if you're approved for a larger home loan always go with what you can afford to make the payments on.

Don't be house poor. You have to have money for other things as well. So buy below what you can get approved for.

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