You need an income of more than $160k on average to be able to afford a house worth $800,000 mortgage. A mortgage will require you to pay a downpayment before you move into the house. You know you can afford a mortgage when the downpayment is not more than half of your monthly income.
A mortgage has monthly deposits. The above income should be enough for monthly payments without having to strain. This is because you will need the balance of your income for the following expenses:
- Transportation cost. You will need to have some money spared for transporting your belongings to the new house.
- Furnishing cost. When moving to a bigger house, you will need some money for adding furniture.
- Customization costs. When you are not satisfied with the current paintings, for example, you will need to have some money set aside to redo them to your specifications.
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