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Updated about 13 years ago on . Most recent reply

Lance H.'s profile image
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Lance H.
  • Real Estate Investor
  • from Woodbury, Minnesota
  • Member since Nov 12, 2008
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Lance H.'s profile image
Lance H.'s profile image
Lance H.
  • Real Estate Investor
  • from Woodbury, Minnesota
  • Member since Nov 12, 2008
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Lance H.
  • Real Estate Investor
  • Woodbury, MN
43
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133
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Buying & Selling Real Estate

% of income for Primary residence?

Lance H.
  • Real Estate Investor
  • Woodbury, MN
Posted

Hi everyone!

I'm considering purchasing a new primary residence in the near future. In my opinion banks are still way to generous on how big of a loan they will allow. I'm just curious, what do you all think is a reasonable percentage of take home pay to spend on housing?

Thanks!

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Bryan Hancock's profile image
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Bryan Hancock
  • #4 Off Topic Contributor
  • Investor
  • from Round Rock, Texas
  • Member since May 28, 2010
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Bryan Hancock's profile image
Bryan Hancock's profile image
Bryan Hancock
  • #4 Off Topic Contributor
  • Investor
  • from Round Rock, Texas
  • Member since May 28, 2010
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Bryan Hancock#4 Off Topic Contributor
  • Investor
  • Round Rock, TX
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Bryan Hancock#4 Off Topic Contributor
  • Investor
  • Round Rock, TX
Replied

The rule of thumb that is pushed by those with an agenda is 2.5X your income. I think something more like 1.5X is more suitable.

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