How much house can I afford if I make $70,000 a year?

Hello there, I'm curious to know how much house one could potentially afford if their annual income is $70,000. Could you elaborate on the factors that come into play when determining affordability, such as the mortgage interest rate, down payment requirements, and perhaps any additional financial obligations or expenses that might need to be considered? It would be great if you could also provide a rough estimate or formula for calculating the maximum amount one could borrow based on this income level. Thanks in advance for your insights!