RICHMOND, Va. (WWBT) - Experts say that one-third of your income should be budgeted for housing.
While lenders will always approve you based on how much you make each year, you should really be focusing on how much you take home from those paychecks because that’s what you can really afford.
“If your direct deposit is $3,000 a month, you can afford about $1,000 a month toward your housing,” said Cherry Dale with the Virginia Credit Union.
Dale says that you’ve got to keep in mind it’s not just the house payment itself. There’s other things and other costs that are associated with it. So, you’re really creating that budget to know know how much you can afford going into it monthly.
VACU’s online calculator can help you plug in some numbers and see how much you can really afford. If you are renting, shop around, look at house-sharing options, commit to a longer lease and always meet the landlord in person so you don’t get scammed.
Copyright 2019 WWBT. All rights reserved.