The amount you should spend on a house will depend on various factors, including your income, expenses, debts, credit score, and savings.
As a general rule of thumb, many financial experts recommend that you should not spend more than 28% to 30% of your gross monthly income on housing expenses, including mortgage payments, property taxes, and insurance. Additionally, you should also have enough savings to cover a down payment of at least 20% of the purchase price, as well as closing costs and other expenses associated with buying a home.
It's important to consider your overall financial situation and long-term goals when deciding how much to spend on a house. You don't want to stretch yourself too thin financially, as this can put you at risk of falling behind on your mortgage payments and potentially losing your home. On the other hand, you don't want to buy a house that is too small or doesn't meet your needs just because it's cheaper.
Ultimately, it's best to consult with a financial advisor or a trusted mortgage lender to help you determine how much you can afford to spend on a house based on your unique financial situation.
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