I'm buying a house and decided against renting out a place because I feel like it's almost a waste of money, and, most importantly, the rent of a small 40 m^2 apartment in the middle of nowhere is the same as the mortgage of a two bedroom apartment in a nice area.
But I have no idea if I will be paying too much for the next 30 years.
I have a net income of about 24k euros a year, which in my area, at my age, it's not too bad. The job is also very stable.
The mortgage will be around 550€ a month, so about a third of my net income. I know that for a house there will be other expenses but I think I can manage.
The other "big" expense is the car, that will be payed off in about a year.
Am I spending too much? How much of my income should I be spending on mortgage?
If it matters, I live in northern Italy.