In general, it is advisable to allocate no more than 28 percent of one’s income to housing, according to experts.
However, this guideline is becoming increasingly challenging to adhere to due to the dramatic increase in home prices and mortgage rates over the past four years.
“We are determined not to become “house-poor” and, like numerous others, are opting to wait until the housing market returns to a reasonable level,
” Laura Graves stated in an interview with Business Insider, alluding to the term that denotes financial hardship following the acquisition of a home.
The married couple will continue to rent their two-bedroom apartment for $2,700 per month until they can locate a family-friendly home with monthly payments that are closer to $3,000 to $3,500..
