What is the "rule of housing??"
A good rule of thumb for determining how much house you can afford is the 25% rule of housing. This guiding principal advises that all your housing-related expenses should not exceed more 25% of your gross income.
NSS......We need to divide yearly income by 12 to get the monthly income
29000/ 12 = $2416.66
The montly housing budget is 25% of this =
2416.66 * .25 = $604.17