Home buyers in Greater Boston face tough financial guidelines exacerbated by fears of recession. Setting clear budgetary expectations is crucial, with experts recommending adherence to the 28/36 rule which limits housing expenses to 28% of before-tax income. Total monthly debt payments should ideally not exceed 36% of income. Observations indicate that spending more than 30% on housing categorizes households as cost-burdened. Given current economic uncertainties, maintaining emergency funds is essential for navigating potential income loss and layoffs.
"Buying a home is a very emotional experience. This might come down to personality, but I try to have the numbers in front of me before looking at homes."
"Anytime a household spends more than 30 percent of their income on housing, we consider them cost-burdened."
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