28/36 Rule: Spend <28% on housing costs, <36% on all debt

http://tinyurl.com/dk6tmc

"Several financial advisers recommend reverting to an old standard known as the 28/36 rule. Using that rule, households should spend no more than 28 percent of their gross income on housing costs — including mortgage payments, property taxes and insurance — and less than 36 percent on all debt. The total includes obligations like car payments, student loans, credit cards and medical debt." - www.nytimes.com