Determining how much house you can afford is crucial. Traditional affordability metrics may not be reliable. The 28/36 rule suggests housing costs should be no more than 28% of your pretax income, with all debt totaling 36%. Only three Midwest cities meet the 30% housing cost benchmark. Mortgage lenders can be flexible with DTI ratios, allowing up to 45-50%.Factors affecting affordability include lower mortgage rates and moderating home prices. A higher credit score can lead to a lower rate and payment. To estimate affordability, multiply your income by 3-5. For a $400,000 house, a $100,000 salary might suffice. Confirm with a mortgage calculator.

Read more at Yahoo Finance: How much house can I afford?