Generally you can consider one third of your gross income. If you want to consider buying a home, lenders will actually go a bit higher to qualify you for a mortgage. Interest rates are at record lows and the state of Connecticut has a great first time homebuyer program at 3.25% 30 year fixed rate mortgage that also comes with downpayment assistance. You can buy a nice home with 3 bedrooms and your choice of amenities (extra baths, garage, fireplace, etc) for less than $1000 a month (which would be your whole payment-town taxes, homeowner's insurance, the principal amount of the loan, and the interest).
If you would like to know more, please feel free to contact me! Carol... more