For first-time homebuyers, settling on the “right” time to buy feels a bit like a losing game—especially in this current market. Record-high inflation, paired with steep interest rates and a declining supply of new homes has made the road from renter to homeowner a more challenging one.

But the good news is that no matter what’s happening with the economy, there are moves you can make to make sure that you can comfortably afford your dream home when the right one comes along.

That starts with having a clear idea of your financial situation and how much buying power your annual income can afford you.

Factors that could be hurting your buying power

As it stands, the most recent data from the Fed shows that the median sales price of houses sold in the U.S. stood at $467,700 in the final quarter of 2022. In the second half of 2022, higher-than-normal interest rates pushed U.S. home prices down 2.5% from their 2022 peak.

View this interactive chart on Fortune.com

The catch: This decline was preceded by a 30% increase in home prices between 2022 and 2022. To add insult to injury, the cost of everyday expenses are on the rise and could make it increasingly difficult for homebuyers to cover the upfront costs of buying a home. The final Consumer Price Index (CPI) for December 2022 did signal a slowdown in overall prices, according to the Labor Department. However, some major indexes saw a slight increase in December, including the shelter, household furnishings and operations, motor vehicle insurance, recreation, and apparel indexes.

How much do you need to make to afford a $600,000 home?

Experts have several guidelines for determining how much income you need to earn to comfortably afford a home within a certain budget.

“Your home value shouldn’t be more than two or two-and-a-half times your salary. This means if you’re making $100,000, you shouldn’t purchase a home with a value of $200,000 or $250,000,” says Dan R. Hill, certified financial planner, AIF®, and president of Hill Wealth Strategies in Richmond, VA.