How Much House Can I Afford in 2023? | step by step DTI calculatorMar 02, 2023
As you know, 2023 mortgage rates are up and housing prices have increased significantly, so exactly how much does that impact a homebuyers affordability or purchase power?
First, the current housing market has a huge supply/demand issue. Over the past 3 years, mortgage rates were made soo low, that we were WILLING to pay higher home prices. And now that rates are back to "normal" along with Burlington County NJ home prices are up +12% YoY the past 2 years...a home that was $400K is now $500K. And that $500K home carried a $3100 mortgage, just a year ago, vs $4000 today.
So, no crash.
The economy is shifting and it's critical to create and monitor your wealth and homebuying goals. So, we walked through a step by step debt-to-income (DTI) calculator to have an idea on what your home affordability can look like. Tune in to see!
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