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Real Estate
Reply to "If you bought a $550,000 home- what is your household yearly income?"
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[quote=Anonymous]Op, the real issue is how much equity you have as well as cushion, etc. You need to focus not on the price of the house, but the size of the mortgage. Keeping the mortgage about 30 percent of gross income is a good rule of thumb, but for first time buyers without significant equity or large salaries, it is definitely tough. If you have 150k in equity, you can look around 550k. If you have 50k in equity, I would probably top out at 450, etc. [/quote]
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