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Home Expenses

Posted on Nov 22, 2022

When it comes to your home, it is more than just your purchase price and mortgage cost. You also need to be able to afford the maintenance, property taxes, utilities and more.For your home expenses and overall monthly budget, the goal is that the costs to maintain your home do not exceed 35% of your total monthly income.Monthly Budget
To help you keep track of your finances, consider breaking up your monthly budget into the following categories:
  • Housing – mortgage payments, property taxes, utilities, etc.
  • Transit – car payments or transit passes, gas, maintenance, etc.
  • Debt – payments to credit cards, lines of credit, etc.
  • Savings – your long-term savings for retirement, etc.
  • Life – food, vacations, fun, medical, childcare, etc.
From there, you would want to look at how much you spend on each category. The below is a good rule of thumb:
  • Housing – 35% of your monthly income
  • Transit – 15% of your monthly income.
  • Debt – 15% of your monthly income
  • Savings – 10% of your monthly income
  • Life – 25% of your monthly income
If you’re not sure what you should budget for your new home, or have questions about making your home costs more affordable (such as changing your mortgage payments), please don’t hesitate to reach out to me.
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