The most common rule of thumb cited with loan mortgages is that you cannot exceed 28% of your adjusted net income per month. For example: If you make $48,000 per year net income for your household that would be $4,000 per month and you could then afford a payment of around $1,120 PITI.
Now to define what I mean. $4,000 X 28% = $1,120
PITI means Principle, Interest, Taxes and Insurance or P.I.T.I.
I will make some basic assumptions here to give you a general possibility. If you buy a house for $35,000 Principle and Interest would be $188. per month at 5% interest amortized over 30 years. The taxes without homestead exemption would be roughly $460 a year and your Insurance probably would be around $1,300 yearly in our area. That makes your payment roughly $400 a month. There are a LOT of variables like your credit score, down payment, insurance in your area and the bank discount points etc. A Bunch of stuff.
But....roughly it would be a $400 dollar a month payment. At 28% of your income can you pay a $400 payment?