There are few things more exciting than finding your ideal home, but with the rising cost of housing, a person’s dream home can often come with a very high purchase price. If you’re wondering how much home you can truly afford and how your cost of living will fare for your mortgage approval, here are some of the details on what you can expect when it comes to finding a home at an affordable price.
What Is Your Debt-to-Income Ratio?
Before deciding if a home is right for you, it’s important to calculate what your debt-to-income (DTI) ratio is to determine how much house you can afford. The debt amount will include any credit cards, existing mortgages and other loan payments that you pay down each month. To determine your maximum monthly payment, multiply your gross income by 0.36 and divide it by 12. This will give you the expenditure of debt, including your housing payment, that you should not exceed each month.
Determining Your Down Payment
There’s a lot of talk around the ideal amount you should put forward for a down payment, but this percentage can directly impact the amount of the house you can afford. If you are able to put down 20% of the purchase price of your home, this means your monthly mortgage payments will be minimized and this will decrease your DTI ratio. While a home may be out of your reach if you can only put 10 or 15% down, 20% down will ensure a higher amount of disposable income on a monthly basis, making your application more feasible.
Determine Your Lifestyle
While a lender may not reject your application outright if your debt-to-income ratio is higher than suggested, it’s important to know what kind of spending choices make sense for you so that you can make your monthly payments. If you have limited expenses above your mortgage and enjoy a Spartan lifestyle, it’s entirely possible that you’ll be able to manage a higher monthly amount. However, if you don’t have stable employment and are struggling each month, it may be a good idea to consider a less expensive property.
The monthly mortgage payment for your dream home may look like it’s manageable on the surface, but if your DTI ratio exceeds what is suggested, there may be issues with acceptance of your application. If you’re currently in the market for a new home, give me a call for more information – J.P. Cook – 602-320-4253.
Click Here to See What Your Home is Worth
28254 N 95th Street
Scottsdale, AZ 85262
$2,499,900
3
Beds
3.5
Baths
4,048
SqFt
Status
Active
MLS #
6766949
Property Type
Single Family Residence
Price Type
--
Welcome to Troon North! This stunning, custom-built 4,000+ sq ft home, featuring 3 bedrooms, den and 3.5 bathrooms, is set on 6.64 acres in one of Scottsdale's most prestigious communities. Enjoy your private desert compound with unobstructed views of Pinnacle Peak, Lone Mountain, city lights, and surrounding mountain ranges. This never-lived-in home boasts energy-efficient features, including state-of-the-art appliances, advanced HVAC systems, extra insulation, low-E windows, an EV charging station, and epoxy flooring in the garage. The property offers incredible potential with the option to add a 22,000 sq ft shop or barn near Dynamite Rd, perfect for collectors or equestrians. HOA fees are a fraction of the cost compared to surrounding properties, at just a few hundred dollars annually. For the same price, other homes in the area offer less than half an acre, while this home sits on a sprawling 6.64-acre lot! Additional features include historic trailers at the rear of the property, with plans for gas line installation down the street. For $240K over the asking price, you can add a custom pool and extra landscaping based on the detailed drawings provided. Don't miss this rare opportunity to own a luxury desert estate with endless possibilities!
15418 E Bronco Court
Gilbert, AZ 85298
$2,499,900
5
Beds
5.5
Baths
7,369
SqFt
Status
Active Under Contract
MLS #
6781640
Property Type
Single Family Residence
Price Type
--
''Suburban Seclusion''. Rendezvous your friends and family in the desert sun at that special place you've always dreamed and planned to do it in. All the major amenities most are looking for but so hard to find. 9,300 sq.ft. of total interior finish and several thousand more sq.ft. of exterior covered patio and courtyards. Up to 8 bedrooms, 6.5 baths, 3 kitchens, 3 laundry centers, 3 attached garages (RV/BOAT, 10 to 26 car spaces with lifts), 20' x 50' resort style pool with all the bells and whistles. Main floor primary suite completely self-contained from the rest of the property and so much more. Casita is attached with its own private garage and on the main level. The community is gated, only 19 other neighbors join you to make the 20 lot development. Make the most of today!
2208 E Belmont Avenue
Phoenix, AZ 85020
$2,499,000
4
Beds
4
Baths
4,168
SqFt
Status
Active
MLS #
6765713
Property Type
Single Family Residence
Price Type
--
OFF for holidays. ACKING to the coveted Phoenix Mountain Preserve, own a piece of the mountain in the heart of metro Phoenix. Second driveway provides step-free access to downstrs bedrooms, family rooms and kitchen. Great in-law set up. Open white kitchen with both city skyline and mountain views. Gas fireplace in dining adjacent kitchen Quiet private backyard. Outdoor kitchen with 2 grills and pool under the awe-inspiring Mountain backdrop. Foyer opens to brushed chrome rail staircase to the loft game with full wet bar positioned under view portals perfectly framing the Phoenix skyline. Glass doors invite to south patio to stargaze & enjoy the dark sky and serenity of the best street in the coveted Biltmore Highlands. Upstairs master has view deck with views of mountain trails fro Bed, office or fitness room, large walk in closet, with portals throughout for mountain views, including views from the large walk-in shower. Private commode room, modern double lab. The backyard features paved covered patio and several removable sail coverings for seasonal comfort, and its own gate into the Mountain Preserve. Just steps from the 22nd Street Trailhead to Squaw Peak, this location offers both privacy and easy access to over 200 miles of hiking trails in the Phoenix Mountain Preserve. A second master bedroom is tucked away on the main floor with glass doors leading to the mountain. The secondary driveway provides step-free access to this bedroom door as well as to the back patio and patio door to kitchen and dining room areas. An oversized third bedroom (once two bedrooms) can be divided or create a large media room, game room, office, study or guest suite. Also downstairs is a spacious laundry room with mop sink and cabinets. Garage accommodates 3 to 6 cars depending on your vehicle, golf cart bay, workshop with sink. The storage areas are configured on either size of the primary parking spaces to accommodate those needing access to a van or ramped vehicle. Phoenix is renowned for its urban hiking, with the Phoenix Mountain Preserve (formerly known as Squaw Peak) weaving through the city and just minutes from Sky Harbor Airport. This national oasis invites visitors to immerse themselves in the stunning landscapes of the Sonoran Desert, exploring its diverse flora and fauna while enjoying the tranquility of this natural sanctuary. This home offers a unique chance to reconnect with nature, explore rugged terrains, and appreciate the resilience of desert ecosystems.
7845 E Dynamite Boulevard
Scottsdale, AZ 85266
$2,499,000
5
Beds
3.5
Baths
3,622
SqFt
Status
Active
MLS #
6786741
Property Type
Single Family Residence
Price Type
--
Step into the epitome of southwest luxury living w/this breath-taking mission-style estate. Nestled on 2.2 acres w/no HOA. This 5 bedroom single level sanctuary offers a seamless blend of elegance, privacy & functionality. The upgraded interior w/wine cellar, gourmet kitchen & newly enclosed den boasts a sophisticated living. The detached casita is perfect for guests or as a private retreat. Experience the ultimate in outdoor living w/an expansive covered patio w/professional misting system, heated pool, fire pit & grassy area along w/low maintenance synthetic turf. Perfect for cozy gatherings or lavish affairs. An extended 3 car garage w/ample space & height for a car lift. There is unmatched privacy w/the gated entrance leading down a circular paved driveway. Wake up to stunning McDowell Mountain views and enjoy Arizona's iconic breathtaking sunsets. Located just minutes from golf courses, hiking, horse facilities and fine dining.
8225 W Frier Drive
Glendale, AZ 85303
$2,499,000
6
Beds
6.5
Baths
5,147
SqFt
Status
Active
MLS #
6774208
Property Type
Single Family Residence
Price Type
--
Discover a rare gem in luxury living. TWO HOMES on ONE ACRE in an exclusive gated community, complete with a brand new heated pool & spa! This exceptional property seamlessly blends space, style & privacy to support multi-generational living at its finest. The main house, built in 2013, boasts 4,047 sf with 4 spacious bedrooms, each featuring an ensuite bathroom for complete privacy & a den/office perfect for working from home. The heart of the home, a grand Great Room, opens up with pocket doors to the expansive backyard, creating a stunning indoor/outdoor flow. The chef's kitchen is a culinary dream with granite countertops, a large walk-in pantry, premium stainless steel appliances, gas cooktop, dual sinks & an oversized island with breakfast bar seating. The home also includes a 4-car epoxy-finished garage, with overhead storage, providing ample space for vehicles and storage. The brand new guest house, completed in 2023, offers 1,100 square feet of private, modern living with two bedrooms and two full bathrooms, complete with its own electrical and air conditioning separate from the main house. It stands as a sanctuary of its own, complete with a separate entrance, contemporary kitchen, elegant bathrooms, laundry room, and its own 2-car garage equipped with an EV charger, ideal for multi-generational families or the ultimate guest retreat. Enhancing this luxury oasis, the newly installed (2023) heated pool and spa is a resort-style escape featuring serene waterfalls, built-in stools, and a cozy fire pit, perfect for year-round entertainment and relaxation. Set on a lush, irrigated lot with mature trees and extensive parking options, this property is designed to impress and accommodate. If you're looking for a residence that combines luxury, privacy, and flexible living spaces, this is it! Not to mention - close to the Westgate entertainment district, great restaurants, and The Arizona Cardinals stadium.
10284 E Filaree Lane
Scottsdale, AZ 85262
$2,495,000
4
Beds
4.5
Baths
4,244
SqFt
Status
Active
MLS #
6686113
Property Type
Single Family Residence
Price Type
--
Golf Membership to the Desert Mountain Club Available.This classic Spanish-inspired Santa Fe residence seamlessly blends traditional charm with modern comforts, boasting soft curves alongside contemporary lines and angles. Its hacienda shape offers a distinctive layout, with gathering spaces on one side, outdoor living in the center and private ensuites and a casita on the other. Located centrally within Desert Mountain, it enjoys convenient proximity to the Sonoran Fitness Clubhouse and quick access to town via the nearby back gate. The homes large picture windows capture sweeping vistas from south to northwest, showcasing vibrant sunsets, majestic mountain ranges and twinkling city lights, as well as up-close views of mature cacti. Step outside, and youll discover a haven of outdoor bliss. A meandering water feature flows gracefully through the Sonoran landscape, leading to a geometric-shaped pool where you can bask in the Arizona sun. The covered breezeway connects living spaces, offering seamless indoor-outdoor living. Whether youre dining Al Fresco, star gazing by the firepit, or taking a dip in the pool, every moment is accompanied by captivating views at every turn. Stepping inside, guests are greeted with a prominent rustic front door, leading the eye through glass French doors to the stunning outdoor space beyond. The open floor plan centers around the kitchen, a hub of activity with a spacious island, Wolf, Sub Zero appliances, and ample Alder wood cabinets. Adjacent, a cozy circular casual dining area with a kiva fireplace offers a picturesque spot to savor meals while soaking in the views. The great room invites relaxation with its panoramic vistas, fireplace warmth, and easy access to outdoor pleasures. For additional entertainment, a media room/den awaits with blackout shades, a mounted TV, and French door access to the outdoors. The primary ensuite is a luxurious retreat, showing off stunning views, a kiva fireplace, and a spa-like bath with double vanities, a soaking tub, walk-in shower and designer closet. Two generously appointed guest ensuites offer comfortable accommodations, each with carpeted floors, designer baths, and walk-in showers. A standalone guest casita provides additional privacy and convenience, complete with a breakfast bar, media entertainment and a luxury bath. Throughout the interior, hand-hewn vigas, latilla poles and wire brushed interior doors complement modern design elements like angular cut corbels, substantial picture and viga framed windows and high ceilings, creating a harmonious blend of authenticity and sophistication. Saltillo tile floors flow seamlessly indoor and out, while carpeted bedrooms offer cozy retreats. Beyond the home, Desert Mountain offers an unparalleled lifestyle, with access to 7 clubhouses, 7 golf courses, multiple dining options, and a 20-mile trail system bordering the Tonto National Forest. It promises years of diverse living experiences amidst the breathtaking beauty of the Sonoran Desert. Welcome home to Desert Mountain.
33504 N 87th Street
Scottsdale, AZ 85266
$2,495,000
3
Beds
3.5
Baths
4,345
SqFt
Status
Active
MLS #
6737808
Property Type
Single Family Residence
Price Type
--
Welcome to this beautiful home located in the gated community of Copper Sky. This new Taylor Morrison home is both elegance and comfort wrapped up in one. Situated on a private 1.2 acres this 3 bedroom with den/office boasts a large kitchen with granite countertops, double islands, a prep kitchen with extra fridge, double ovens, R/O system, stainless steel appliances and walk in pantry. The kitchen is open to the family and dining rooms. The family room has a 15 foot slider that opens to the extended back patio with motorized screens, bistro lights, built in bbq, a gas firepit, heated pool and spa, artificial grass, mature citrus, and the most stunning Arizona sunsets! There is a wine room with a wine fridge. The primary bedroom has a separate sitting or workout area 2 primary closets and a large bathroom with an oversized shower and standalone tub. The 2 extra bedrooms are ensuite and separate from the primary bedroom. There is a separate office/den located conveniently near the front door. The amenities go on and on. This home is a must see!
14114 E Milton Court
Scottsdale, AZ 85262
$2,495,000
3
Beds
4.5
Baths
4,358
SqFt
Status
Active
MLS #
6754019
Property Type
Single Family Residence
Price Type
--
Stunning architect designed, Spanish Hacienda style home set on 2.3 acres in the highly desirable community of Granite Mountain Ranch has been transformed by the current owners and is immaculate in every sense of the word. The charming courtyard entry set's the stage there's something special ahead. As you enter the home the gorgeous architectural details impress. Custom wood beams, refinished antique doors and new brown Saltillo tile floors are just the start. Ideal for intimate gatherings yet also perfect for accommodating large groups the home has a great feel to it. Highlights include: Soaring ceilings within the great room, chef's kitchen, dining room, formal living room, incredible primary suite and a wonderful separate guest casita ideal for company and more.
1805 E Rocky Slope Drive
Phoenix, AZ 85048
$2,495,000
4
Beds
4
Baths
4,628
SqFt
Status
Active
MLS #
6765462
Property Type
Single Family Residence
Price Type
--
Welcome to 1805 E Rocky Slope Dr, a stunning single-family home nestled in the highly desirable and gated community of Tapestry Canyon in Ahwatukee. This spacious 4-bedroom, 4-bathroom home boasts over 4,600 square feet of living space and is located on a quiet, scenic street with some of the best views in all of Phoenix. As you step inside, you'll be greeted by a bright and airy floor plan with soaring 18 foot ceilings, large windows, and modern finishes throughout. The gourmet kitchen features granite countertops, stainless steel appliances, and a center island perfect for entertaining. The adjacent living and dining areas offer plenty of room for family gatherings, while the cozy fireplace adds warmth and charm. The luxurious master suite is a private retreat, complete with a spa- like ensuite bathroom featuring dual sinks, a soaking tub, and a walk-in shower. The additional bedrooms are generously sized with ample closet space and privacy. Your private elevator makes accessing the home a breeze. Outside, enjoy Arizona's beautiful weather in your private backyard oasis. With several patios facing every direction, you will have breathtaking views from sunrise to sunset. The sparkling pool will allow you to cool off after a hike at one of the local trails. The home's proximity to South Mountain Park means you'll have access to hiking trails, parks, and outdoor activities right at your doorstep. A large 3-car garage, 2 living rooms, a butler's pantry and close proximity to top-rated schools, shopping, and dining. This home combines luxury, comfort, and convenience, making it a must-see for anyone looking to live in the heart of Phoenix's vibrant Ahwatukee Foothills community.
9005 N Crimson Canyon
Fountain Hills, AZ 85268
$2,495,000
5
Beds
4.5
Baths
4,227
SqFt
Status
Active
MLS #
6773765
Property Type
Single Family Residence
Price Type
--
This stunning golf side property in Eagle Mountain offers breathtaking sunset and mountain views, creating a serene oasis. Secured by a private gated entry, this home is spread over 4,227 square feet with 5 bedrooms and 4.5 bathrooms and features a 3-car garage. Inside, vaulted ceilings with exposed beams, stone and wood flooring, and archways add to the elegant design. The pre-wired surround sound fills the home with music, enhancing the ambiance. The spacious great room with a fireplace serves as the heart of the home, while the formal dining room opens to the backyard for seamless entertaining. The gourmet kitchen boasts stainless steel appliances, double ovens, granite countertops, a stone backsplash, and a large pantry. A breakfast nook and island with bar seating complete the space. The primary bedroom is a private retreat with a sitting room, ensuite bathroom featuring dual vanities, a soaking tub, and a large walk-in closet. Additional bedrooms offer comfort for guests, while a den serves as an ideal office or study. Outside, the backyard is an entertainer's dream with a covered patio, built-in BBQ, spa, and sparkling pool with water features. Multiple seating areas, a putting green, and a roof top deck with stunning views and city lights ensure perfect outdoor relaxation. This home beautifully blends luxury and comfort, making it ideal for entertaining or peaceful living.
11885 N Sunset Vista Drive
Fountain Hills, AZ 85268
$2,495,000
4
Beds
3.5
Baths
4,044
SqFt
Status
Active Under Contract
MLS #
6731452
Property Type
Single Family Residence
Price Type
--
Talk about a place to entertain! This 4,000+ sq. ft, 4 bed, 3.5 bath Fountain Hills masterpiece has it all. Large lot (.82 of an acre) and mountain views? Check. Open floor plan? Yes, and it includes wood floors, high ceilings, and a large pocket door (creating an indoor/outdoor environment). The kitchen is huge! It features a large island, stainless steel appliances, and a butler's pantry! The primary bedroom is a sanctuary complete with a walk-in closet and closet organizer. The family room leads you to the large backyard complete with a covered patio, Cantera fireplace, and a built-in BBQ. The PebbleTec pool offers a place to cool off! Even better? The property backs to a reserve. Garage has a gray epoxy chip floor. Located in Fountain's beautiful community of Eagle Ridge.
7801 E Davenport Drive
Scottsdale, AZ 85260
$2,495,000
5
Beds
4.5
Baths
3,246
SqFt
Status
Active
MLS #
6784583
Property Type
Single Family Residence
Price Type
--
Pre-Listing Home Inspection and repairs done!!!! Location, Location, Location! Air Park Corridor! The main house has 3 beds, 3 baths open to an East facing Oasis Back yard, with a 1,276 sq ft covered patio with misters, ceiling fans, outdoor kitchen, Fiberoptic saltwater pool and much more! Home also offers: 2 bed 1 bath casita, 2 full RV hook ups (50 amp and 110 volt) on concrete, this area could also be made into a picket ball court as well! Your clients will LOVE it!!!!