I am building a house soon and am trying to decide what to set our construction budget at. I’ve read online that housing should be 28% or less of income (some sites even made it seem like that was pre tax), however when I look at what 28% would be that payment seems way out of reach. I would love to borrow enough to build my dream home and not have to move again for a few years but I’m skeptical of borrowing that much. Even if I calculate after tax, the 28 would be 1400/ month. Right now we pay 867 and that includes our real estate taxes being in escrow. Am I just being tight? Do people really use that much of their take home pay just on a house payment?
Submitted November 18, 2018 at 07:46AM by jragers https://ift.tt/2Be6h5d
