How much house can I afford on a $70,000 salary?
TL;DR: Most affordability guidelines suggest keeping total housing costs (mortgage, taxes, insurance) under about 28% of gross income — on $70,000/year, that's roughly $1,630/month. But your real affordable number depends heavily on your other debts, down payment, and local property tax/insurance rates, not just this one rule.
Why the 28% rule is a starting point, not an answer
It ignores your existing debt (a car loan or student loans reduce what you can safely add), your actual down payment (which changes the loan amount and whether you pay mortgage insurance), and local property tax rates that vary enormously by area.
What actually determines your real number
- Your total debt-to-income ratio including the new mortgage, not just the mortgage alone
- How much of an emergency fund the down payment leaves you with
- Whether the new payment forces you to cut current investments or savings
Get your real number, not a rule of thumb
Can I Afford This? shows exactly what a specific home purchase does to your debt-to-income ratio, emergency fund, and current investments — a direct verdict, not a generic percentage.
Check what you can afford — $4.99 →Frequently asked questions
Do lenders use the same 28% rule?
Many use a similar front-end ratio guideline, but the exact threshold and how they weigh other debts varies by lender and loan type — your pre-approval number reflects their risk tolerance, not necessarily what leaves you financially comfortable.
Should I max out what I'm approved for?
Not necessarily — approval is based on the lender's risk model, not your actual monthly comfort once other expenses, savings goals, and irregular costs are factored in.