Northern Virginia or across the country millenniums has been saving up to buy their first home.
Biggest concern first time home buyers in the Fairfax and Loudoun county area have is they don't want to be house poor. Real estate is one of the most expensive investments or a purchase for any individual.
So what should be the percentage of your income allocated for your real estate mortgage payment?
The rule of thumb in the real estate industry is that your mortgage payment, taxes, condo/HOA fees, insurance, and all other monthly debts, should be no more than 45% of your gross monthly income.
However, if you are expecting a bonus or major life-changing event in your life you may want to reconsider that percentage. Discuss with your financial adviser and/or loan officer about your financial health.
Image by Stuart Miles at FreeDigitalPhotos.net
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