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re: Homebuyers are now spending 40% of their gross income on mortgage and interest costs
Posted on 7/22/23 at 11:54 pm to Ace Midnight
Posted on 7/22/23 at 11:54 pm to Ace Midnight
quote:
My 28 percent of a reasonably upper middle class income feels high (that's principal, interest and escrow) and seems at the edge of affordability.
It seems at the edge of affordability because it is. 28% of gross income is the number that starts to make most lenders squirm.
This post was edited on 7/22/23 at 11:56 pm
2
Posted on 7/23/23 at 12:18 am to hondapa26
quote:
t seems at the edge of affordability because it is. 28% of gross income is the number that starts to make most lenders squirm.
23% here including escrow.
mortgage is only debt though so we feel quite comfortable.
Posted on 7/23/23 at 6:23 am to hondapa26
quote:
It seems at the edge of affordability because it is. 28% of gross income is the number that starts to make most lenders squirm.
We had a couple lenders offer close to 40%. No one squirms at 28% in my experience.
It also depends on income. If your household income is $200k plus, you should still have enough left over at 28% for expenses, some savings, etc. If HHI is closer to $100k, 28% is very tight.
This post was edited on 7/23/23 at 6:25 am
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