<prompt> Human: 32 years old, just paid off car and student debt, planning on saving 20k this year off a 40k salary. Unsure of what this savings will get me for house prices. Looking for guidance.Assistant: Lots of unanswered questions. Here are a few...1 what area are you thinking?2 how much do you want to put down?3 how much of a mortgage loan do you qualify for?4 what is your income? Human: Thinking about New Jersey. Looking to put down 20k. I am not sure what I qualify for. I have good credit. I make 40k a year.  <response>: Without knowing exactly where, google tells me that NJ average home prices is just about 300k.Even with the 4xgross income rule, you fall at 160k for a budget for your home short about 40k. Lets say you put 20k down on 300k, thats only 6.67 and the average rate is about 4 now for interest. 20 down would be 60,000. Is there a partner or something that will be purchasing this with you? realistically, it may not be advisable to purchase something unless you can get it closer to 120k. You would need 24k for 20 down to avoid PMI plus another 5-10K in closing costs. Make sure you factor in HOA, PMI, Homeowners insurance, and mortgage into your monthly expenses and most would advise set aside each month for repairs. 