Your total debt payments (including mortgage, car loans, and credit cards) should ideally stay under 36% of your gross income. Factors That Lower Your Buying Power Compare current mortgage rates for today - Bankrate
Lenders often prefer that your total housing costs do not exceed 28% of your pre-tax income.
For a monthly payment of , you can typically afford a home priced between $190,000 and $240,000 , assuming current market conditions as of April 28, 2026 .
The exact amount depends heavily on your down payment and the prevailing interest rates, which averaged for a 30-year fixed mortgage today according to the Bankrate Daily Survey . Estimated Home Price by Down Payment
You can afford roughly a $225,000 home.
Advantage: Putting 20% down typically eliminates the need for PMI. Income Requirements
To comfortably afford a $1,500 monthly housing payment, financial experts and lenders generally recommend: At least $5,350 to $6,000 .
