How Much Can I Afford?

Buying Your First Home in Plano, Texas: How Much Home Can I Really Afford?

If you’re buying your first home in Plano, Texas, one of the biggest questions on your mind is probably, “How much home can I really afford?” You’re not alone. This is the number one question first-time buyers ask, and the answer should feel clear — not stressful.

Let’s break it down in a simple way.

Many lenders use a general rule: your monthly housing payment should be about 25–30 percent of your monthly gross income. This payment includes your mortgage, property taxes, homeowners insurance, and sometimes homeowners association fees.

Here’s a real-life example:

• If your household earns $90,000 a year (about $7,500 a month before taxes)

• A comfortable housing payment may fall around $2,000 to $2,200 per month

In today’s Plano market, that monthly payment often supports a home price around $350,000 to $400,000, depending on interest rates, down payment, and property taxes. This range is common for many first-time buyers in North Texas.

But here’s the important part: just because a lender approves you for more doesn’t mean you should spend more. You still want room in your budget for groceries, savings, travel, and life changes.

This is where working with the right REALTOR matters. A knowledgeable local REALTOR helps you look beyond the approval letter and focus on what feels comfortable long term. Janet Russell helps first-time buyers in Plano match real numbers to real homes, without pressure or guesswork.

Buying your first home should feel exciting, not overwhelming. Knowing your true comfort zone makes the process much smoother — and a lot more fun.

Thinking about buying your first home in Plano but not sure where your numbers land? Janet Russell can help you understand what you can truly afford and create a plan that fits your life. A quick conversation today can bring clarity and confidence to your home buying journey.