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Budgeting for your Mortgage

mortgage

 

When budgeting for your mortgage, consider spending no more than 30 percent of your monthly income on your housing costs. Spending more than that makes for a cost-burdened household, making it difficult to afford other everyday living expenses. According to the Harvard Joint Center for Housing Studies, approximately 40.9 billion households in the United States were cost-burdened in 2012, the most recent year covered in The State of the Nation’s Housing report.

Image via flickr/iChaz

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