How Much Should I Spend On My First Home?

Source: Daily Voice — 

One of the biggest questions for first-time homebuyers is, “How much can I afford?” Before you start looking for a home, you should absolutely have your budget in mind. You don’t want to fall in love with a home that’s out of your price-range only to be disappointed that you can’t afford it. Here are some tips on how to determine your home-buying budget.

Can you use your rent as a good indicator of a monthly payment?