With a household income of $175k, how expensive of a house can I afford? I’m looking to buy in a relatively affordable town.
How are we supposed to know what you can afford? Buy what your budget says you can afford.
Generally, I think affordable is around 3x your income. Agents might suggest more, but I don’t want to feel squeezed.
You know your finances best. Build a budget based on your expenses and work backwards. You could theoretically afford a $3M house with $5M in the bank, but it all depends on what monthly payment feels comfortable for you.
Use a debt-to-income template and a mortgage calculator to see what works for you. Aim for a debt-to-income ratio around 45%.