Buying a house is a major commitment, but the financial and lifestyle benefits are well worth the cost. Real estate is not the only investment out there, but it’s certainly one of the most rewarding. After all, achieving homeownership is about more than buying a house — it’s about settling into a home.

What salary do you need to buy a home?

Data compiled for Nine News by RateCity shows with a 20 per cent deposit, a household needs to earn at least $147,629 a year to buy a median priced house. The latest Corelogic figures show the median Sydney house price is sitting at $1,112,671.

How much of your income can you afford to buy a house?

Keep in mind that you don’t want this number to exceed 25-30 percent of your income for the year, Derus says. If you do the math and would be barely able to scrape by, consider holding off until you’re in a more stable financial position. Ultimately, “a house can be very, very expensive,” Orman says.

How can I find out if my house is affordable?

It is highly recommended that you speak with a lender or loan professional of your choice about your mortgage loan needs and to help determine your home affordability. Realtor.com provides information and advertising services – learn more.

What happens if you can’t afford a home right now?

If closing on your house means emptying out your savings altogether, you might want to rethink whether you can truly afford a home right now. These factors, when added together, will allow you to calculate a ballpark figure for how much you’ll need saved up to be able to afford a home.

What’s the best price to buy a house?

“Buy a house that you know you’re going to be easily able to afford,” she tells CNBC Make It. “The big mistake that many people make is that they’re paying $1,500 a month for rent and they go out and look for a home and they can get a home for a $1,500 a month mortgage.”