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I think you mean 3x of your income, not 1/3 of your income. If it was 1/3, then someone making 100k would only be able to get a mortgage loan of 33k...

Or are you saying payments on debt (mortgage payments)?

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When I've heard this before it was about mortgage payments. The general idea being the money you make is broken up into thirds with the gov getting a third in taxes, the mortgage payment getting a third, and living/saving from the final third.

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