There is no rule and there shouldn’t be a rule.
Like anything else, you have to look at your personal financial situation and figure out what works for your circumstances. That’s like asking what percent of your income you should spend on groceries.
Disagree, I think there absolutely is a rule that applies here. Like "historically, what were some safe recommendations for how much people can reasonably spend on a mortgage each month?"
"what would the people of the 60s/70s/30s say about the ratio of your income to your home price?" If they think it sounds shocking, it probably is. I have no way of knowing/harnessing that kindof intangible gut feeling of 'people who have been there before' without asking.
"was there a good decade or two where people's house to income ratios proved to be sustainable over their lifetimes, given all the surprises that can come with 'life'?"
...I want to know what those people shot for. 2x? 3x?
I'm looking for timeless wisdom on what makes sense in this area.
I think there are also recommendations for groceries and other stuff that should hold true through out time, to some extent.
I initially thought I'd like to spend something like $185k on my first house. Which is already more than my parents sold the house I lived in all my life, in a good school district in the 'burbs. I've since realized over the last few years that there aren't any SFRs around here for that, unless I want to live as an urban pioneer in some really, really, rough neighborhoods (at which point I could by a house for like $30k). So I've slowly migrated my expectations UP, to where now I consider houses around $300k probably doable and better in the long run...but I'm starting to second guess that.
If the guideline is 2 or 2.5 times my income, I should
not be looking at $300k homes. more like $200k homes.
Ultimately my renting situation right now is just so good I won't be buying anytime soon