Here's how much home you can afford if you earn:
$40,000 a year: $115,203
$60,000 a year: $272,299
$80,000 a year: $429,395
$100,000 a year: $586,491
$120,000 a year: $743,587
"You may be shocked to see how little house you can get for your salary," Tim Manni, a mortgage expert at NerdWallet, tells CNBC Make It.
"There are several forces at work in the market today that are putting a crimp on affordability. Wage growth has been slow, home prices are steadily rising and limited inventory has lead to increased competition in many markets nationwide," he says.
You'll also want to keep in mind that the chart is based on a 20 percent down payment, Manni notes: "Home buyers will need to earn even more to qualify for these home prices if they plan on putting less than 20 percent down."
Plus, you'll want to plan for surprise expenses such as maintenance, any renovations you might want to make and moving costs.
That said, if you get a head start on saving and stick to your budget, owning a home is more than possible.
To get a better idea of exactly what your monthly payments will look like, plug your numbers into a mortgage calculator. Next, read up on eight things to give up if you want to buy your first home and start saving for your goal.
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