St. Louis Post-Dispatch: What Percentage Of My Income Should Go To Mortgage? Yahoo!

Understanding the Context

Sports: How much of your income should you spend on housing? How much of your income should you spend on housing? Looking to cut costs? Why not start at the top?

Key Insights

In the typical American household, nothing takes a bigger bite out of the budget than housing costs ... When buying a home, your earnings play a major part in determining how much home you can afford. You’ll need to have sufficient income to prove to the lender that you can make your mortgage payments ... Borrowers living in lower-income ZIP codes are driving the growth of mortgage delinquency rates across the country, according to the latest data by the New York Federal Reserve. Meanwhile, borrowers ...

Final Thoughts

Forbes: Lower Mortgage Rates Should Make Home Buying Easier, But Not Enough Money on MSN: Dave Ramsey says you should pay off your mortgage early but not before doing this Dave Ramsey says you should pay off your mortgage early but not before doing this