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Reply to "HHI $250k what would you spend on mortgage?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]A good rule of thumbs is 2x to 2.5x of your gross income. You should buy a 500k to 750k house depending on your other expenses and your savings goals. [/quote] This “rule of thumb” actually said 3-3.5 times. It was based on 14-16% interest rates from the early to mid 1980s. The old rule of thumb was replaced two decades ago with 28-33% of pretax income. [/quote] this is a little absurd.. would mean a 6k mortgage (28 percent) at 260k income.[/quote]
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