Let's not make buying a home any more expensive than it already is
3. Plan to spend no more than 30% of your income on housingPersonal finance experts say a good rule of thumb is to make sure your total monthly housing payment doesn't consume more than 30% of your take-home pay.
"Any more than that, and your finances are going to be tight, leaving you financially vulnerable when something inevitably goes wrong," write Harold Pollack and Helaine Olen in their book," .""To be fair, this isn't always possible. In some places such as New York and San Francisco, it can be all but impossible."suggests calculating what a realistic mortgage would cost and putting the equivalent of that into savings each month before you plan to buy.
"The truth is, if you can't do that — if you can't put that money aside and you can't actually keep those savings every month — you may not be prepared to make your consistent mortgage payment," he says. It's not a perfect model for what it would be like to pay a mortgage each month, since you're likely still forking over money for rent, but it proves that you're dedicated to the process and willing to make financial sacrifices in order to afford homeownership.
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