If you’re earning $110,000 per year, give yourself a pat on the back: You’re in the upper half of American earners. According to data from the U.S. Census Bureau, the median household income is just under $71,000. With all that extra cash, you should be in good shape to buy a house, right?Unfortunately, it’s not quite that simple. Today’s housing market is shaped by stubbornly high mortgage rates that make buying a house difficult for anyone in need of a home loan. Read on to get a sense of how much house you can afford on your $110,000 salary.The 28/36 ruleAsk any financial expert to help you determine your homebuying budget, and they’ll likely tell you to focus on two numbers: the 28/36 rule. It’s a standard guideline that states you should limit your monthly housing payment to no more than 28 percent of your monthly income, and your total debt payments — including that housing payment — to no more than 36 percent.If you earn $110,000 in gross income, that’s approximately $9,166 each...
