Lenders generally recommend that people look for homes that cost no more than three to five times their annual household income if the home buyers plan to make a 20% down payment and have a moderate amount of other debt.
But you should make this determination based on your own financial situation. Use our Affordability Calculator to see how much house you can afford.To help you save for your down payment, try Discover Bank’s AutoSavers Plan, which makes it easy to put aside money each month.
