Wages vary in the United States as well. For example, the national median salary for entry-level project managers is $89,286, for established project managers is $96,425, for IT project managers is $100,000, and for engineering project managers is $107,472. Directors of PMOs make the most, raking in a solid $134,791 on average a year.
The typical bank limit on monthly mortgage payments is about 28 percent of your gross monthly income. Therefore, the bank thinks you can devote up to 28 percent of your household income to your mortgage payment and expenses (including taxes, insurance and association dues).
As for just how big a percentage of your income that housing budget should be? It all depends on whom you ask. Income used for housing: What others say The traditional model: 35 percent/45 percent of pretax income. In an article on how the mortgage crash of the late 2000s changed the rules for first-time home buyers, the New York Times reported: