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What else can I help you with?
What is the how much house can I afford formula?
The formula to determine how much house you can afford is typically based on your income, expenses, and debt. A common guideline is that your monthly housing costs should not exceed 28 of your gross monthly income. This can help you estimate the maximum amount you can afford to spend on a house.
How much annual income would you need to have if using the 2836 ratio your maximum allowable recurring debt is 380?
To determine the annual income needed using the 28/36 ratio, we first need to understand that the 28% refers to the maximum percentage of gross monthly income that can go toward housing expenses, while the 36% refers to total monthly debts. Given that your maximum recurring debt is $380, this represents 36% of your gross monthly income. To find the monthly income, divide $380 by 0.36, which equals approximately $1,056. Therefore, the annual income needed would be about $12,672.
What is affordable housing?
Affordable housing usually refers to living quarters with housing costs that are considered "affordable" to those in the median income range. Ir is most commonly used to describe rental housing that is within the financial means of lower income individuals or families. Generally, affordable housing is considered to be at or under 30% of a household's gross income.
Is gross income or adjusted gross income used in refinance?
Gross income.
What percent of gross income should go into salaries?
If you're going to set salaries as a percent of gross income, I submit that you're approaching the issue from the wrong direction. Salaries should be established based upon, not gross income, but (i) the responsibilities associated with the job and (ii) existing salaries for positions with similar responsibilities within your market.
Can you deduct BAH on taxes?
If by BAH you mean Basic Allowance for Housing. The answer is no. This is nontaxable income the military gives you to pay for housing. This money should never even get factored into your adjusted gross income though.
What is the how much house can I afford formula?
The formula to determine how much house you can afford is typically based on your income, expenses, and debt. A common guideline is that your monthly housing costs should not exceed 28 of your gross monthly income. This can help you estimate the maximum amount you can afford to spend on a house.
What percentage of your gross income should go towards rent?
No more than a third of your gross annual income should go towards housing. As for rent, you should not spent anymore than 25% of your gross income. Housing - This expense should include mortgage, insurance, gas, electricity, maintenance, and phone. (according to crown.org budget guide) Rent or your monthly mortgage payment plus each of the above should never exceed 36%. 1/3 is generally a good rule just as with the 1st answer, but don' t forget that the number includes the other housing expenses.
How much home can you afford?
The amount of home you can afford is based on your monthly or annual income. For example if you have a down payment of $10000.00 and a gross monthly income of $4000.00, your maximum home price should be $40000.00.
What is affordable housing?
Affordable housing usually refers to living quarters with housing costs that are considered "affordable" to those in the median income range. Ir is most commonly used to describe rental housing that is within the financial means of lower income individuals or families. Generally, affordable housing is considered to be at or under 30% of a household's gross income.
Is gross income or adjusted gross income used in refinance?
Gross income.
What is the maximum income an adult child can earn and still be taken as a dependent on a federal income tax return?
For 2007, the child cannot have gross income of over $3,400.
How do you calculate discretionary income?
Discretionary income is calculated by subtracting necessary expenses from gross income. First, determine your gross income, which includes all earnings before taxes and deductions. Then, identify and sum up necessary expenses, such as housing, utilities, food, and transportation. Finally, subtract the total necessary expenses from your gross income to find your discretionary income, which represents the amount available for non-essential spending or savings.
What is exculded from gross income for section 8 housing?
Medical expenses in excess of 3%, plus $400 per year, of the disabled or elderly person's annual income.
How is gross income different from net income?
net income is gross income less expenses
What are the requirements for subsidized housing?
Requirements for subsidized housing depends upon gross annual income, the size of the family and the area which the family chooses to live. It is also dependent upon citizenship or legal immigration status. Generally speaking, the income can not exceed 50% of the median income of the area.
What is the maximum you have to pay into social security each year?
For 2009 and 2010 the amounts are 6621.80 maximum contribution amount on 106,800 of your gross earned income.
