You can afford a $300k house with a $70k salary. With this salary, you can afford any house ranging from $200k-$350k on average. A $70k salary will have you pay the downpayment and the monthly installments with little to no trouble due to a couple of reasons.
Reasons Why A $70k Salary Is Enough To Buy A $300k House
- Affordable downpayment. The downpayment to a $300k house is $30k-$60k on average depending on the percentage agreed upon by the owner. You can pay this and still have something extra for extra expenses.
- Affordable monthly payments. A $300k house will be easy to afford the monthly mortgage payments regardless of the period. One should be able to pay these monthly payments and still be able to maintain their lifestyle.
- It is simple to stretch the period when negotiating the period mortgage to be more affordable. If you have a lot of responsibilities, you can agree with the owner to increase the period of the mortgage so that it can be cheaper. You can increase the time by just a little and you will notice a little relief because the house is worth below half a million dollars.
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