Most real-estate experts will tell you to have at least 5% of the cost of a house on hand in savings to account for the down payment. But that’s only a minimum, and expectations can differ by community. In a city like New York, for example, minimum down payments are almost always 20%, no less.
Thereof, how much savings should I have after buying a house?
Hill says that new homeowners should be aiming to save at least six to 12 months’ worth of expenses in a liquid savings account for rainy days. Whipple says that, if you’re struggling to make any progress toward saving after buying a home, you should take a closer look at your spending.
People also ask, how much should you make a year before buying a house? The golden rule in determining how much home you can afford is that your monthly mortgage payment should not exceed 28% of your gross monthly income (your income before taxes are taken out). For example, if you and your spouse have a combined annual income of $80,000, your mortgage payment should not exceed $1,866.