5 Fundamental Housing Rules

October 12, 2008 at 4:15 pm Leave a comment

These “5 Fundamental Housing Rules”, which have been used to great success for the last century, are:

* The monthly mortgage payments should not exceed 33-35% of monthly Net family income.
* The monthly mortgage payments should be around 1/120 of the mortgage, and no less than 1/200 that of the mortgage (this is the “120 rule”).
* The monthly mortgage payments should be – at minimum – 15% less than comparable rents for similar units in the rental market.
* The price of the house should be about 3 and no more than 3.5 times that of Net annual family income.

And perhaps, the most important one of all;

* The average house must be affordable by the average family and their combined income.

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Entry filed under: Personal Finance.

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