Mortgage at 2.5x Income?Hi all... I'm in the (very) early stages of thinking about the possibility of buying a home in the next couple of years, if things go as planned. I'm older, never owned, and have no desire to hop from home to home. I'd like something to stay in permanently. One thing that's come up with regards to affordability, is the 2.5x income rule of thumb... that is, you shouldn't (or maybe even can't) spend more than 2.5 times your gross income on your mortgage. So, for someone making 50K, their mortgage after down payment shouldn't be more than 125K. How is this possible? I mean, maybe in rural areas, but there, you're much less likely to make 50K to begin with. I live in Seattle, and make somewhere around 1.5x the median income (which is around 52K I think), and the most mortgage I could afford would be $180,000... a total home price of 225K after a 20% down payment. The median home price here is around 420K. I don't even think there are livable, move in ready properties under 200,000 within the city limits.Seriously... what gives?December 08 2013 - Seattle00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.