The amount of house you can afford on a salary of $60,000 depends on several factors, including your credit score, debt-to-income ratio, down payment amount, and interest rates. However, a general rule of thumb is that your monthly housing expenses, including mortgage payments, property taxes, and insurance, should not exceed 28% of your gross monthly income.
Based on this guideline, if you earn $60,000 per year, your gross monthly income would be approximately $5,000. So, your total housing expenses should be no more than $1,400 per month.
Assuming a 30-year fixed-rate mortgage with an interest rate of 4%, and a down payment of 20%, you could potentially afford a home with a purchase price of around $280,000. However, keep in mind that this is a rough estimate and you should also consider other factors like closing costs, maintenance expenses, and your overall financial situation before making a home purchase decision.
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