In San Luis Obispo home prices can be higher than the rest of the country. Knowing what you can afford on the income you make is vital to choosing the best property for you and your family. Not only do you factor in the cost of your mortgage, but additional costs such as annual Property Taxes, HOA Fees (for condos), property maintenance, down paymnet and your current debts. Once you can accurately asses your financials, you can work with your Realtor to find the perfect home in your price range.
As a broad generalization, most people can afford to purchase a house worth about three times their total (gross) annual income, assuming a 20% down payment and a moderate amount of other long-term debts, such as car or student loan payments. With no other debts, you can probably afford a house worth up to four or even five times your annual income.
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For more information about Real Estate in San Luis Obispo County, please contact Traci Ferguson by E-mail or by phone directly at 805-235-6396.