A Great Formula For Calculating Home Affordability

A Great Formula For Calculating Home Affordability

illustration of home with price tag affordability norma langston blog

For first time home buyers, getting your foot into the market is difficult. At its core, it comes down to how much you can save and how fast. Saving up for enormous purchases, like a home, can take many years and sometimes decades. If you’re living at your parent’s house, saving is obviously easier because you don’t have expenses. If you’re renting, it can be very difficult to save for a home when you have to contend with everyday living expenses. Additionally, it’s difficult gauging how much you need to save or rather, calculating how large a home you can afford based on what you’ve saved and how much money you have coming in. (more…)