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Where Can I Afford to Purchase a Home in Orange County, California, Making $60,000 a Year?
Posted by Matt Kanoudi on
Orange County, California, is known for its stunning coastline, vibrant communities, and luxurious lifestyle. But for those making $60,000 a year, the dream of owning a home in this beautiful region can seem daunting. Fear not! With strategic planning and a realistic approach, you can find affordable housing options that suit your budget. Let’s explore how.
Understanding Your Budget
When determining how much home you can afford, a pivotal guideline is the 28/36 rule. This rule suggests spending no more than 28% of your gross monthly income on housing costs and no more than 36% on total debt, including housing.
With an annual income of $60,000, your monthly gross income is $5,000. According to the 28% rule, you should aim to spend no more than…
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