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How Much Home You Can ACTUALLY Afford (By Income) скачать в хорошем качестве

How Much Home You Can ACTUALLY Afford (By Income) 4 months ago

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How Much Home You Can ACTUALLY Afford (By Income)

Get 80% off your first month of Kikoff - Sign up today at https://getkikoff.com/graham to help improve your credit - Enjoy! Let's talk about how much home home you can REALISTICALLY afford in 2025 - Add me on Instagram: GPStephan *Point increase based on observed VantageScore 3.0 changes for Kikoff customers with starting credit below 600 who made consistent, on-time payments. Current as of February 2024. Payment history & other behavioral factors can impact results. Individual results may vary. GET MY WEEKLY EMAIL MARKET RECAP NEWSLETTER: http://grahamstephan.com/newsletter COST OF HOME WHEN BUYING: First: Your mortgage. In most cases, this is broken down between a mix of principle and equity, usually amortized over a period of 15 to 30 years - at which point, your home is paid off, in full. Second: Property taxes. This is typically based on a percentage of the purchase price, and it generally ranges anywhere from 0.4% to more than 2% of the property’s assessed value, every single year. Third, Insurance. This covers any damage that might happen to your property, and it's required by your mortgage company. Fourth, Repairs. In terms of how much this costs, some people use the 1% rule, which says you’ll spend 1% of your home’s value every single year on repairs - while others use the $1 rule, which says you’ll spend $1 for every square foot of livable space, every year. Fifth, Other. This encompasses potential HOA costs, landscaping, upgrades, routine cleaning, and every other part of homeownership you never really think of. THE 28% RULE: This states that you should spend no more than 28% of your monthly gross income on your mortgage payment, which includes property taxes and insurance. To calculate this, just take your monthly income - multiply that by .28% - and That’s the most you should be spending on housing. THE 30/30/3 RULE: No more than 30% of your gross income should go to your mortgage payment, property taxes, and insurance. You should only buy a property when you save 30% of the purchase price in cash (20% down payment, 10% buffer). Only buy a home that costs 3x your annual salary, maximum. THE 9.35% RULE: Essentially, the cost of ownership is largely going to consist of a 7% mortgage, 1.1% average property tax, 1% for repairs and maintenance, and 0.25% everything else - giving you a rough total of 9.35%. This means, you could take a $500,000 home - calculate 9.35% of that - and all of a sudden, you can see that it’ll end up costing you $46,750 per year, or $3895 per month, if you wanted to own it. BUYING VS RENTING: -If you don’t intend to stay in your home longer than at LEAST 7 years, renting will usually be cheaper.  -Renting is better if you can make a higher return from your down payment.  -Renting is better if YOU believe the market is going to go down, or - will stay completely flat. -Renting is better because you have very little responsibility and upfront cost.  -Renting might be significantly cheaper than owning HOWEVER: -Long term (10-15+ years), owning tends to be the better choice.  -By owning, you’ll lock in your monthly mortgage cost until your home is paid off.  -By owning, there’s a psychological benefit that it’s “yours.”  The YouTube Creator Academy: Learn EXACTLY how to get your first 1000 subscribers on YouTube, rank videos on the front page of searches, grow your following, and turn that into another income source: https://the-real-estate-agent-academy... - $100 OFF WITH CODE 100OFF My ENTIRE Camera and Recording Equipment: https://www.amazon.com/shop/grahamste... For business inquiries, you can reach me at [email protected] *Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. This is not investment advice.

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