First-time home buyer. Is 600k too much on an 85k salary alone?

[Devid Brodsky]

I'm looking to purchase a townhome alone for $600,000. I plan to do house hacking by renting out spare bedrooms to reduce my living expenses. I aim to apply for FHA loan with a down payment of around 5%

My Information:

Age: 29M

Salary: Around $85k (Anticipated increase to around $100k in December 2024)

Debt: No Debt

Vehicle: Not currently owned (plan to purchase after home closing)

Savings: $50,000

I currently live in Northern Virginia and am ready to buy a townhouse there as a first-time homebuyer. I am considering house hacking by renting out spare bedrooms to reduce my living expenses. Does it make sense to purchase a $600k home on an $85k salary? If not what price range should I target?

[V.G Jason]

4x your gross salary. Keep it there or less.