A quick rule of thumb
Before diving into a full affordability calculation, many buyers start with a simple question: "how many times my salary can I afford to spend on a home?" This calculator applies a common rule-of-thumb range — roughly 2.5x to 5x your gross annual income — to give you a fast ballpark figure, no down payment or interest rate required.
Where these multiples come from
Income multiples are a compressed version of the same math lenders use behind the scenes: at a given interest rate and down payment, a target front-end DTI of 28% translates into a fairly predictable multiple of annual income. Lower rates push the "safe" multiple higher (each dollar of payment buys more loan); higher rates push it lower. That's why 4–5x income felt normal during periods of very low mortgage rates, while 2.5–3x is more typical when rates are elevated.
A worked example
On a $100,000 annual income, a 3x multiple points to a $300,000 home; a 4.5x multiple points to a $450,000 home. Which is realistic for you depends on your down payment size and interest rate — a $450,000 home with 20% down at 7% carries a materially higher monthly payment than a $300,000 home under the same terms, even though both are "a multiple of the same income."
Why this is just a starting point
Income multiples ignore two of the biggest factors in real affordability: your existing debt and today's interest rates. Two buyers with the same income but different car payments or credit card balances can afford very different home prices. For a complete picture, use the Home Affordability Calculator, which factors in your debts, down payment, and interest rate directly.