How Much Home Can You Afford? (The 30/30/3 Rule Explained)

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How Much Home Can You Afford? (The 30/30/3 Rule Explained):
Today we discuss a lesser known rule of thumb for buying a home in the 30-30-3 Rule. This rule states that you should ensure that the cost of a home does not exceed 30% of your gross income, that you have 30% of the purchase price of the home in cash or some other equivalent (for 20% down payment and 10% cash cushion), and that the purchase price of the home does not exceed 3 times your gross income. It is meant to be a rule of thumb that you can safely follow even in the most uncertain of times. Does it succeed? Let's discuss.

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