Boston Condo Market

How Much Of Your Income Goes to Housing?

How Much Of Your Income Goes to Housing?

When looking to buy, rent, or invest, it's important to remember to stay within your budget and not "break the bank." After all, no one wants a nightmare real estate experience. Here is an easy way to look at your finances and your next step.

Calculate your annual income, then break the income into monthly amounts. Deduct all the usual costs from your monthly amount. What you have leftover is discretionary income, and it is best that you leave a reasonable amount of that money unclaimed for savings and potential emergencies.  If you can sacrifice that extra amount towards upping your rent and mortgage limit, you could open up the possibility of a new home.

It's important to take these financial matters into consideration, especially since rents in the Metro-Boston area have been on the steady increase. Buying a home also serves as a long-term investment when your home appreciates in value. Of course, only you know when you're ready to move, but should any questions arrive, please don't hesitate to ask us at Bushari Group Real Estate. Our professionally trained agents are equipped with references and tools to help you make the best decision possible.

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