How much mortgage can I afford if I make 120 000?

Safe debt guidelines If you make $50,000 a year, your total yearly housing costs should ideally be no more than $14,000, or $1,167 a month. If you make $120,000 a year, you can go up to $33,600 a year, or $2,800 a month—as long as your other debts don’t push you beyond the 36 percent mark.

Is 120k a good salary in the Bay Area?

With $120k you’re in median income range for tech workers in San Francisco area. You’ll live a comfortable life but don’t expect to save much. You can choose to stay further or inPPleasanton or fremont and save more but pay with more hours spent in commute.

Is 120 000 dollars a year good?

Originally Answered: If someone earns $120,000 per annum in US will he be considered rich, middle class or poor? You would clearly be in the well off category. For a single person in the US earning $120k would put you in the 97\% percentile.

How much mortgage can I afford if I make 110 000 per year?

This means that your mortgage payment (principal and interest), property taxes, PMI (if required), and homeowner’s insurance all need to stay below this threshold. While the 28\% mortgage-to-income ratio is followed by many institutions, some will qualify a borrower with a slightly higher ratio.

Is 120k base salary good?

An annual salary of $120,000 would sound like a pretty good deal anywhere around the world. But that may not always be the case in Silicon Valley, where soaring rent prices and its brutal cost of living make $120,000 look almost average — even though it’s more than double the US median household income.

How much does the average person make in San Francisco?

San Francisco: Median household income $96,265, middle-class income range $64,177 to $192,530. Oakland: Median household income $63,251, middle-class income range $42,167 to $126,502.

Are energy costs going up in San Francisco?

Energy costs in San Francisco,CA are generally going up. The cost of electricity can have a bigger than average impact of your overall cost of living if you are required to pay heating or cooling costs or, if you use an electric stove, clothes dryer, or water heater.

What is the average income in the Bay Area?

Here’s the breakdown across the Bay Area: San Francisco: Median household income $96,265, middle-class income range $64,177 to $192,530. Oakland: Median household income $63,251, middle-class income range $42,167 to $126,502. San Jose: Median household income $96,662, middle-class income range $64,441 to $193,324.

How much have rental costs increased in San Francisco?

In general, in the past year, rental costs in San Francisco have increased by approximately 2.7\%. Since rental expense makes up a significant part of the cost of living, you should consider this expense and how it might change when you calculate your cost of living in a new city.