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How much house can I actually afford?

I currently own a house, and I am looking to purchase another house. The house I want to purchase is a $350,000 house. I currently owe $150,000 on a loan for my current house, and have about 175k in equity. My income is currently quite low due to COVID (COVID has severely impacted my industry), but I have saved quite a bit over the years. I have roughly 650k in assets, and am bringing in around 40k/year in the post-covid world. I'd like to rent out my current house (market rate is about $1550 /month). My expenses for my current house are ~$1150/month, so it'd be cash flow positive. I anticipate a 350k house that I move to will be roughly 1.5k/month in expenses, so with the additional income from renting out my current place, I wouldn't really be paying that much more per month. I am willing to put down a 20% down payment by the way. Does all this sound right? Is a 350k house within the realm of possibility given my current situation?

submitted by /u/metoo56whoa
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source https://www.reddit.com/r/RealEstate/comments/rn0ihc/how_much_house_can_i_actually_afford/
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