Can I afford a 400k house with an $80k salary?
Purchasing a $500,000 home on a $100,000 annual salary puts your price-to-income ratio at 5-to-1, which is generally considered above the recommended threshold for comfortable homeownership. While you might qualify for a mortgage depending on your specific credit profile and existing debt obligations, you are pushing into territory that could easily result in being "house poor." You would need to carefully calculate your monthly mortgage payment, including property taxes and homeowners insurance, to ensure it doesn't consume an excessive portion of your monthly take-home pay. Before proceeding, it is advisable to consider a larger down payment or to search for a more affordable property, as this level of debt could significantly restrict your ability to fund other essential goals like retirement savings, emergency reserves, and daily lifestyle needs without feeling financial strain.
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