can i afford a house on 60k a year

Purchasing a home depends on a number of factors, including the price of the home, your available savings for a down payment, your other debts, and the interest rate. Generally, your mortgage payment, including taxes and insurance, should not exceed 28% of your gross monthly income, or roughly $1,400 in this case.

Good question. Besides the mortgage, other costs include home insurance, property taxes, utilities, maintenance, and HOA fees if applicable. Also, you'll need funds for the closing costs, which typically amount to 2-5% of the loan amount.

Yes, existing debt significantly impacts your ability to afford a house. Lenders use a measure known as the debt-to-income ratio (DTI), which ideally, including your prospective mortgage, should not exceed 36% of your gross income. If your student loan or other debts take a significant part of your income, it may limit what you can afford on housing.

It's good to start browsing, but first, I'd recommend speaking to a mortgage advisor or financial planner who can give you a clear understanding of what you can afford based on your individual circumstances. It's also key to get pre-approved for a loan before you start seriously looking for a house.