Bar graphs are used to compare things between different groups or to track changes over time. However, when trying to measure change over time, bar graphs are best when the changes are larger. . . . an Area Graph. Area graphs are very similar to line graphs.
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).
The rule of thumb Iâve always heard is that your monthly housing expenses (mortgage, property taxes, insurance, HOA dues) should be no more than 1/3 of your monthly income 40% MAX. This is what lenders typically use to qualify you. Additionally it good advice for renters too (stay under 1/3 of income on rent).