Take about half your gross, $15,000 and divide by 12; or $1,200 per month, which would translate to about $120,000 house.
Or, you can take what you are presently spending on rent and add 25%; because of the tax deductions.
You know what you are spending on a monthly basis, and you know what you will be willing to give up to have your own place: Is that Friday Pizza and Six-Pack really more important? Do you have to have the lastest CD's or Games? You could add $200 per month to your budget.
Good luck and may God bless
OK, so we know how much your salary is. And, in a very BROAD way, one might say you should be looking at something that's approximately 3x your salary. BUT, BUT, BUT, there are very many other factors that come in to consideration when determining a safe purchase price for you.
If I were you, I'd consult a loan officer at your bank or even seek out a mortgage broker to help you make sure you're protecting yourself and your assets by not overspending.
Real Estate Agent Advisor
Keller Williams Classic Realty NW
Please feel free to contact me directly.
Mortgage Loan Originator
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WJ Bradley Mortgage Capital LLC
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