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nual income of at least $32,000 to afford to buy an $80,400 home. That’s well above the median family income in Virginia.
(A median is the middle of a range. It is not an average. The median home price of $80,400 means half of all homes cost more than that, and half cost less.)
How can you figure how much house to buy? Take a look at your budget. Add up all your expenses other than housing. Be sure to include all costs, including the irregular expenses such as car insurance and school clothes.
What you have left is the maximum amount that can be spent on housing. This estimate will work assuming that your pay raises will keep pace with rising costs and you have considered all other expenses including emergencies.
This housing figure must be enough to pay the mortgage princi
95.8%