How does income relate to how expensive a home you can afford?
So for example my parents dual income is about $120k a year and they bought their house for $675,000. Is that about average or are they stretching themselves thin or could they likely afford more? There is obviously a lot of other factors such as how many kids and other expenses but I was wondering if there is a good average for a household income relating to house price range. So how much do you think I would have to be pulling in a year with little other expenses other than standard living costs, to buy my house within the next 20 years? Obviously assuming I would get raises along the way but the average salary I mean..