We have found a new home! You would think that before people make the largest financial decision forex trade daily charts for nannies their lives, they would do a monthly budget first.
Yet during this past decade budgets were hardly brought to the forefront and were pushed to the back of any financial decisions. The new definition of housing affordability should include the idea of maintaining a sustainable long-term budget. Of course many can afford a two year teaser rate but what happens when the payment jumps up? A year ago 341,130 homes were sold in the entire state. That works out to a monthly average of 28,427 homes sold per month.
Last month 39,507 homes sold in the state. Keep in mind that this is a jump but data for the summer is always high. You can expect this number to decrease. In addition, most of the sales were foreclosure properties which are pushing prices even lower. The first thing we need to figure out is the monthly net income. A rule of thumb that is very generous by most bankers and lenders is your home payment should not be more than one-third of your gross take home pay. 2,470 which is higher than our threshold figure.
We’ll go ahead and assume that this couple goes ahead with this move. You need to realize that it costs money to upkeep your home. That is lawn care, roof, plumbing, and other things come up throughout the year. 100 a month for this but this can jump radically if you need major service like a roof replacement.
300 per month and we’ll also assume that this car is highly fuel efficient. Maybe a Honda Civic or Toyota Corolla. So to a certain extent, this family is living modestly and not extravagantly. 300 a month into an emergency fund. 500 a month in groceries is doable. We are also assuming this couple isn’t eating out during the work week and brown bagging their lunch.