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Average Monthly Payment: $3,171

The median home price alone is $670,600. If you break that down into a mortgage it comes out to $3,171 a month. That means you'll need to be making at least The median home price in the U.S. is $284,600. With a 20% down payment, you can expect to pay roughly $1,200 a month for your mortgage on a home at that price. That means that in order to follow the 28% rule, you should be making **$4,285 each month**.

If you were to use the 28% rule, you could afford a **monthly mortgage payment of $700 a month** on a yearly income of $30,000. Another guideline to follow is your home should cost no more than 2.5 to 3 times your yearly salary, which means if you make $30,000 a year, your maximum budget should be $90,000.

**It's definitely possible to buy a house on a $50K salary**. For many borrowers, low-down-payment loans and down payment assistance programs are putting homeownership within reach. But everyone's budget is different. Even people who make the same annual salary can have different price ranges when they shop for a new home.

A good rule of thumb is that your total mortgage should be **no more than 28% of your pre-tax monthly income**. You can find this by multiplying your income by 28, then dividing that by 100.

On a $70,000 income, you'll likely be able to afford a home that costs **$280,000–380,000**. The exact amount will depend on how much debt you have and where you live — as well as the type of home loan you get.

The usual rule of thumb is that you can afford a mortgage two to 2.5 times your annual income. That's a **$120,000 to $150,000** mortgage at $60,000.

While buyers may still need to pay down debt, save up cash and qualify for a mortgage, the bottom line is that **buying a home on a middle-class salary is still possible — in some places**. Below, check out 15 cities where you can become a homeowner while earning $40,000 a year or less.

For the couple making $80,000 per year, **the Rule of 28 limits their monthly mortgage payments to $1,866**. Ideally, you have a down payment of at least 10%, and up to 20%, of your future home's purchase price. Add that amount to your maximum mortgage amount, and you have a good idea of the most you can spend on a home.

If you're single and make $35,000 a year, then **you can probably afford only about a $105,000 home**. But you almost certainly can't buy a home that cheap. Single people have a tough time buying homes unless they make an above-average salary. Marriage allows a couple to combine their incomes to better afford a home.

If you're debt-free, your monthly housing payment can go **as high as $1,500** on an income of $50,000 per year.

I make $65,000 a year. How much house can I afford? You can afford a **$195,000 house**.

If you have a 20% down payment on a $100,000 household salary, you can probably comfortably afford a **$560,000 condo**. this number assumes you have very little debt and $112,000 in the bank.

What income is required for a 200k mortgage? To be approved for a $200,000 mortgage with a minimum down payment of 3.5 percent, you will need an approximate income of **$62,000 annually**. (This is an estimated example.)

**Most major lenders require a credit score of at least 620 to qualify for a conventional loan**. And borrowers typically need a credit score of 740 or higher to qualify for the best mortgage rates, Boomer says. Pro tip: To ensure your credit is in tip-top shape, Boomer recommends checking your credit report for errors.

If you make $80,000 per year, your hourly salary would be **$41.03**. This result is obtained by multiplying your base salary by the amount of hours, week, and months you work in a year, assuming you work 37.5 hours a week.

Depending on the size of your family, **$80,000 can comfortably cover living expenses and beyond**. According to the U.S census as of 2020, the median salary for a four-person household is $68,400 per year, making 80K a substantially higher income than that of the average American.

You can afford a **$255,000 house**.

Based on a standard work week of 40 hours, a full-time employee works 2,080 hours per year (40 hours a week x 52 weeks a year). So if an employee earns $40,000 annually working 40 hours a week, they make about **$19.23 an hour** (40,000 divided by 2,080).

If you're getting a mortgage, a smart way to buy a house is to save up **at least 25% of its sale price in cash to cover a down payment, closing costs and moving fees**. So if you buy a home for $250,000, you might pay more than $60,000 to cover all of the different buying expenses.

**Most lenders are looking for 20% down payments**. That's $60,000 on a $300,000 home. With 20% down, you'll have a better chance of getting approved for a loan. And you'll earn a better mortgage rate.

When figuring out how much $60,000 a year per hour, you just need to divide your total salary by the number of hours you work. In this case, the answer is **$28.85 an hour**, more than four times the federal minimum wage in 2021. Here's the breakdown: You are earning $28.85 per hour.

A salary of $70,000 equates to a monthly pay of $5,833, weekly pay of $1,346, and an hourly wage of **$33.65**.