{ "media_type": "text", "post_content": "How much house can I afford on a gross annual salary of $72k with no other debt, single/no dependents? How do you know the ballpark you should generally be able to afford?", "post_id": "616ebe0a35743f002bf41ab0", "reply_count": 10, "vote_count": 1, "bowl_id": "5acec81244395a00139dcd47", "bowl_name": "Atlanta " }

How much house can I afford on a gross annual salary of $72k with no other debt, single/no dependents? How do you know the ballpark you should generally be able to afford?

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I purchased my home ($215k) in Decatur at a very similar salary. I was approved for a mortgage up to like $315k but that would have made my financials really tight honestly. No matter how much you spend on the actual home/mortgage, I would recommend putting away a set amount each month for house money for when things go wrong (broken appliance, needing tools or a lawn mower, exterminator fee, tree needing to be cut down, AC repair, etc.). There are lots of benefits to home ownership but also lots of costs that people tend to forget about.

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Look on the west side. That’s even more up and coming. West end has gotten expensive but west and south of west end are great areas to explore

3-4xs your annual income

Gross

Another way to think about "how much house" you can buy is to think how much debt service can you afford. There are many online home purchase calculators you can use. They help because they add in calculations for insurance, taxes, pmi, and factor for a down payment. For many people, getting into home equity is one of their best wealth accumulation methods. In this regard, the US has been a steady performer for 200 years. Good luck with your search.

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