How much house can I afford? Here's how to do the math.

Published On Sep 14, 2024, 7:37 AM

The article discusses the challenges many potential homebuyers face in 2024 due to rising home prices and mortgage rates. It highlights the need for careful financial planning to determine affordable housing options. Key factors influencing housing affordability include home prices, mortgage rates, and household income. Homebuyers are encouraged to calculate their affordability using tools that consider various financial details like gross income, debt, down payment, and loan terms. Experts suggest first-time buyers consider conventional or FHA loans to better navigate the market. Despite the difficulties, planning and understanding one's financial situation can make homeownership achievable.

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